Real Estate Daily Recap: Homebuilders Jump Nearly 3% As Impressive Year Continues
The Hoya Capital US REIT Index finished the day lower by 0.2%, led to the upside by the mall, student housing, and shopping center REIT sectors. The storage, cell tower, and healthcare REIT sectors were the relative underperformers on the day. The S&P 500 finished the day higher by 0.2% while the Nasdaq finished flat. At 2.51%, the 10-Year Yield finished the day lower by 1 basis point and remains nearly 80 basis points lower than it's peak last October.
The Homebuilding sector was the strongest performer on the day with strong gains from TRI Pointe (TPH), KB Homes (KBH), and Taylor Morrison (TMHC). The Home Furnishings sector also delivered a strong day led by At Home (HOME), Bed Bath & Beyond (BBBY), and American Woodmark (AMWD).
The Residential REIT sector was the relative laggard on the day with ExtraSpace (EXR), Welltower (WELL), and Aimco (AIV) leading to the downside. Outside of that sector, RealPage (RP) and Restoration Hardware (RH) were also laggards.
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