Real Estate Daily Recap: Strong Start to the Week for REITs and Builders
The REIT ETFs (VNQ and IYR) started the week on the right foot, climbing 1.3% on the day, led by the storage, data center, and healthcare REIT sectors. The S&P 500 climbed 1.5% on the day while the Nasdaq climbed by more ethan 2% after snapping it's 10-week winning streak last week. At 2.64%, the 10-Year Yield remains within shouting distance of 52-week lows, but climbed 2 basis points on the day.
The homebuilder ETFs (XHB and ITB) climbed roughly 2% on the day, led by Taylor Morrision (TMHC) and TRI Pointe (TPH) which each climbed more than 2.5%. Within the Hoya Capital Housing 100 Index, the homebuilding products and materials sector and real estate technology and brokerage sectors were among the top-performing sectors.
Eagle Materials (EXP), Leggett and Platt (PEG), and Whirlpool were among the laggards on the day.