Alex Pettee, CFA
Real Estate Daily Recap: REITs Climb Again, Housing Index Reaches New Record High Led By Real Estate
The Hoya Capital US REIT Index finished the day higher by 0.7%, led to the upside by the data center, cell tower, and student housing REIT sectors. The net lease, mall, and shopping center sectors were the relative underperformers on the day. The S&P 500 finished the day flat while the Nasdaq climbed 0.4%. At 2.48%, the 10-Year Yield finished the day lower by 2 basis points and remains nearly 80 basis points lower than it's peak last October.
Todays gains pushed the YTD gains for the Hoya Capital US REIT Index up to 17% while the Hoya Capital US Housing Index reached a new record high, climbing by 16% so far in 2019.
The Real Estate Technology & Brokerage sector was again the strongest performing industry sector in the Hoya Capital US Housing Index on the day, led by Redfin (RDFN), Zillow (Z), and RealPage (RP). The Residential REIT sector also climbed by nearly 1%, led by Park Hotels (PK), Aimco (AIV), and Essex (ESS).
After a strong day yesterday, the Real Estate Insurance and Home Furnishings sectors was the relative laggards on the day, led to the downside by Restoration Hardware (RH), Aarons (AAN), Costco (COST), and La-Z-Boy. The Home Furnishings sector remains the strongest performer in the housing industry so far in 2019.
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