Real Estate Daily Recap: REITs Climb 0.3%, Homebuilders Retreat 2% Following New Home Sales Data
The REIT ETFs (VNQ and IYR) climbed for the second straight day this week, climbing 0.3%, led by the shopping center, manufactured housing, and student housing REIT sectors. Data center REITs were the lone sectors in negative territory for the day. The S&P 500 ended the day down 0.1% as the 10-Year retreated remained flat at 2.72%.
The homebuilder ETFs (XHB and ITB) dipped 2% on the day, largely reversing Monday's gains. Within the Hoya Capital Housing 100 Index, the home furnishings and residential REIT sectors were the strongest performers. Target (TGT), Overstock (OSTK), Extra Space (EXR), and Sleep Number led the way.