Alex Pettee, CFA
Real Estate Daily Recap: REITs Retreat 0.7%, Homebuilders Down 0.9%
The REIT ETFs (VNQ and IYR) retreated 0.7% on the day, dragged down by weak performance in the student housing, storage, and single family rental REIT sector. Hotel and data center REITs were the lone sectors in positive territory. The S&P 500, meanwhile, finished the day higher by 0.2% as the 10-Year yield climbed one basis point to 2.65%.
The homebuilder ETFs (XHB and ITB) finished the day lower by roughly 0.9%. Within the Hoya Capital Housing 100 Index, the Home Furnishings sector led the way, highlighted by La-Z-Boy (LZB), American Woodmark (AMWD), At Home (HOME), and Tempur Sealy (TPX) leading the way. Hotel REITs Host (HST) and Park (PK) also delivered a strong day.