Real Estate Daily Recap: REITs Flat, Housing Gains to New 2019 Highs Led By Home Improvement
The Hoya Capital US REIT Index finished the day lower by 0.1%, led to the upside by the data center, office, and single family REIT sectors. The student housing, net lease, and healthcare REIT were the relative underperformers on the day. The S&P 500 finished the day higher by 0.2% while the Nasdaq climbed 0.6%. At 2.52%, the 10-Year Yield finished the day higher by 4 basis points but remains nearly 80 basis points lower than it's peak last October.
Todays performance pushed the YTD gains for the Hoya Capital US Housing Index to nearly 17%, roughly equal with the 17% gains on the REIT index.
The Home Improvement Retail sector was the strongest performer on the day with strong gains from Lowe's (LOW) and Home Depot (HD). The Real Estate Technology and Brokerage sector also delivered a strong day led by Zillow (Z) and Redfin (RDFN).
The Residential REIT and Real Estate Mortgage Lending sector were the lone housing sectors in negative territory for the day, dragged down by New Residential (NZR), Ventas (VTR), American Campus (ACC), and Two Harbors (TWO).
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