Real Estate Daily Recap: REITs Higher, Homebuilders Lower As Rates Reman Near 14-Month Lows
The Hoya Capital US REIT Index finished the day higher by nearly 1%, led to the upside by the student housing, shopping center, and mall REIT sectors. All REIT sectors were higher by at least 0.5% on the day. The S&P 500 finished the day higher by 0.4% while the Nasdaq climbed 0.2%. At 2.39%, the 10-Year Yield finished the day higher by 2 basis points, but remains near the lowest level in more than a year.
The Homebuilding Products sector was the strongest performer on the day, led by Trex (TREX), Potlachdeltic (PCH), Weyerhaeuser (WY), Armstrong (AWI), and Louisiana-Pacific (LPX). The Residential REIT and Home Furnishings sector also finished the day up by 0.7%.
The Homebuilding and Real Estate Technology & Brokerage sectors were the weakest performing sectors, dragged to the downside by Realogy (RLGY), Lennar (LEN), Zillow (Z), Two Harbors (TWO), and DR Horton.
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 were released today, while new home sales for February come out on tomorrow.
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