Alex Pettee, CFA
Real Estate Daily Recap: REITs Climb For Second Straight Day as Yields Decline
The REIT ETFs (VNQ and IYR) added to their weekly gains, endeding the day up 0.5%, led by the mall, student housing, and shopping center REIT sectors. The S&P 500 climbed 0.4% on the day while the Nasdaq climbed by 0.6% after snapping it's 10-week winning streak last week. At 2.61%, the 10-Year Yield remains within shouting distance of 52-week lows, dipping another 4 basis points on the day.
The homebuilder ETFs (XHB and ITB) ended slightly lower on the day, led on the upside by NVR (NVR). The home improvement retail and residential REIT sector were the top-performing sectors of the Hoya Capital Housing 100 Index. Whirlpool (WHR), Bed Bath & Beyond (BBBY), and Costco (COST) were the top-perfomers on the day.
The homebuilding products and real estate technology and brokerage sectors were the laggards on the day with Louisiana-Pacific (LPX), Eagle Materials (EXP), and At Home (HOME) the weakest performers.