Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Real Estate Daily Recap: Homebuilders Jump Following Strong Earnings, Retreating Mortgage Rates

The Hoya Capital US REIT Index finished the day slightly lower, led to the upside by the hotel and data center REIT sectors, but dragged to the downside by the healthcare, manufactured housng, and single family rental REIT sectors. The S&P 500 finished the day down 0.5% while the Nasdaq declined 0.6%. At 2.37%, the 10-Year Yield finished the day down 4 basis points and remains near the lowest level in more than a year.

The Homebuilding sector was the strongest performer on the day following solid results yesterday from KB Homes (KBH) and this morning from Lennar (LEN). Pulte (PHM), Lennar (LEN), Taylor Morrison (TMHC), MDC Holdings (MDC), and TRI Pointe (TPH) were each up more than 3% on the day. Real Estate Technology firm Redfin (RDFN) was also higher by nearly 3%.

The Home Furnishings and Residential REIT sectors were the lone sectors in negative territory on the day. At Home (HOME), Overstock (OSTK), Wayfair (W), Tred (TREX), and Beacon Roofing (BECN) were among the laggards.

The busy week continues for housing data now that we’re finally back on schedule following the disruptions of the government shutdown. Starts and permits data for February were released on Tuesday, as was the Case Shiller and FHFA home price indexes. Pending home sales come out on Thursday, while new home sales for February come out on Friday.

Disclosure: An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes. The information presented does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. We consider the information in this presentation to be accurate, but we do not represent that it is complete. It should not be relied upon as the sole source of suitability for investment. Please consult with your investment, tax or legal adviser regarding your individual circumstances before investing. Visit our website for a complete definition of all indexes cited in this report. Investing involves risk and loss of principal is possible.

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Hoya Capital Real Estate ("Hoya Capital") is an SEC-registered investment advisory firm that provides investment management services to ETFs, individuals, and institutions, focusing on portfolio and index management of publicly traded securities in the real estate industry. It is not possible to invest directly in an index. Index performance cited in this website or commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Nothing on this site nor any published commentary by Hoya Capital is intended to be investment, tax, or legal advice or an offer to buy or sell securities. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and should not be considered a complete discussion of all factors and risks. Data quoted represents past performance, which is no guarantee of future results. Investing involves risk. Loss of principal is possible. Investments in companies involved in the real estate and housing industries involve unique risks, as do investments in ETFs, mutual funds, and other securities. Hoya Capital has no business relationship with any company discussed/mentioned. Hoya Capital never receives compensation from any company discussed/mentioned. Hoya Capital, its affiliate, and/or its clients and/or its employees may hold positions in securities or funds discussed on this website and our published commentary. A complete list of holdings and other important disclosures and definitions are available by clicking the links below.

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