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Hoya Capital Real Estate, LLC

Invest@HoyaCapital.com

(833) HOYA-CAP

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. Nothing on this site is intended to be investment advice or an offer to buy or sell securities. The risks of investing in real estate securities are similar to those associated with direct investments in real estate, including falling property values, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest rate changes and market recessions. No representation or warranty is made as to the efficacy of any particular strategy or fund, or the actual returns that may be achieved. An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes. Data quoted represents past performance, which is no guarantee of future results. The views and opinions in the preceding commentary are as of the date of publication and are subject to change without notice. The information presented does not reflect the performance of any fund or other account managed or serviced by Hoya Capital, and there is no guarantee that investors will experience the type of performance reflected. There is no guarantee that any historical trend illustrated herein will be repeated in the future, and there is no way to predict precisely when such a trend will begin. There is no guarantee that any trend cited in this market commentary will be realized. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment advice, is not intended to predict or depict performance of any investment and does not constitute a recommendation or an offer for a particular security. 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 investment advice or as the sole source of suitability for investment. Please consult with your investment, tax or legal adviser regarding your individual circumstances before investing.

Additional Disclosure & Privacy Policy

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The Easy Way To Invest In Real Estate

Economics, Housing, & Commercial Real Estate Analysis

Keepin' It Real 

Apartment REITs
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Data Center REITs
Mall REITs
Net Lease REITs
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  • Alex Pettee, CFA

Daily Recap: Stocks Flatline | Solid PMIs | Another Big Week of Housing Data

After snapping their three-week winning streak with modest declines last week, US equity markets started the first week of Autumn little-changed with the S&P 500 climbing 0.1% and the Nasdaq gaining 0.5%. Trading in a tight range for most of the day, investors digested solid US PMI data coming after weaker-than-expected manufacturing data from Germany earlier in the day. The 10-Year yield fell 5 basis points on the day, resuming a retreat after perking higher to 1.90% back on September 14th, but well off the recent lows of 1.45% hit on September 3rd.

Coming off a week that saw the broad-based REIT ETFs (VNQ and IYR) jump by more than 2%, the REIT ETFs finished the day modestly higher, led by the Data Center, Apartment, and Industrial REIT sectors. Top individual performers on the day included CBL & Associates (CBL), Equnix (EQIX), Paramount Group (PGRE), Physicians Realty (DOC), Digital Realty (DLR), CoreSite (COR), Healthcare Trust of America (HTA), and National Health Investors (NHI). The single family rental REIT sector was the laggard on the day after jumping more than 4% last week.

The Hoya Capital Housing Index, the benchmark that tracks the performance of the US housing industry, finished the day flat, led to the upside by the Mortgage Lending and Services and Home Improvement Retail sectors. At Home (HOME), Williams-Sonoma (WSM), La-Z-Boy (LZB), Lennar (LEN), DR Horton (DHI), and Re/Max (RMAX) were among the top individual performers in the housing sector ahead of another big week of housing data.

On that point, Home Price data from S&P/Case Shiller and the FHFA is released on Tuesday. Home price appreciation moderated meaningfully from mid-2018 through early 2019, but has shown early signs of stabilization and even reacceleration in recent months amid a favorable backdrop of lower mortgage rates. New Home Sales data is released on Wednesday followed by Pending Home Sales on Thursday with each expected to see a meaningful rise over last month, consistent with other single-family housing market indicators. On Friday, PCE inflation data, the Fed's preferred inflation metric is released, as is the closely-watched personal income and spending data for perhaps the best "read" on the strength of the US consumer.

With gains of 25% so far this year, the broad-based REIT ETFs (VNQ and IYR) continue to outperform the S&P 500, which has climbed roughly 20%. The US Housing sector has climbed roughly 27% this year led by the 49% surge in Homebuilders (ITB) and strong gains from the Home Furnishings and Homebuilding Products & Materials sectors. At 1.71%, the 10-year yield has retreated by 99 basis points since the start of the year and is roughly 155 basis points below peak levels of 2018 around 3.25%.

For an in-depth analysis of all real estate sectors, be sure to check out all of our quarterly reports: Apartments, Homebuilders, Student Housing, Single-Family Rentals, Manufactured Housing, Cell Towers, Healthcare, Industrial, Data Center, Malls, Net Lease, Shopping Centers, Hotels, Office, Storage, Timber, and Real Estate Crowdfunding.


Hoya Capital is excited to announce that we’re teaming up with iREIT to cultivate the premier institutional-quality real estate research service on Seeking Alpha! While we'll continue providing our free sector reports, iREIT subscribers will now get exclusive access to our expanded real estate coverage including:

  • Expanded REIT Rankings Reports With Exclusive Content

  • Real-Time Economic Analysis & Commentary

  • Hoya Capital "Real Estate Robo Investor" ETF Model Portfolios

Sign-up for the 2-week free trial today!

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.


Hotel REITs
Single Family Rental REITs
Mobile Home REITs
Healthcare REITs
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