Real Estate Daily Recap: REITs and Homebuilders Start Off Week to the Downside
Coming off their seventh straight week of gains, the REIT ETFs (VNQ and IYR) retreated by 0.7% on the day, dragged down by the hotel, cell tower, and healthcare REIT sectors. Storage and mall REITs were the top-performers. The S&P 500 finished the day higher by 0.2% following positive news regarding China/US trade talks. The 10-year yield climbed 2 basis points on the day.
The homebuilder ETFs (XHB and ITB) retreated more than 1% on the day following a strong week. Within the Hoya Capital Housing 100 Index, the home furnishings and mortgage lending sector were the lone seectors in positive territory. Wayfair (W), Restoration Hardware (RH), and Williams Sanoma (WSM) were the three top-performing names in the index.