Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Daily Recap: Trade Worries | Cool PPI | Stocks Dip

Trade concerns sent US equity markets lower ahead of the critical trade talks between the US and China kicking off on Thursday. The S&P 500 (SPY) dipped by 1.6% on the day while the Nasdaq (QQQ) fell by 1.5%. The broad-based REIT ETFs (VNQ and IYR) finished the day lower by 0.5%, led to the upside by the storage and cell tower REIT sectors while the timber, mall, and hotel sectors lagged on the day.

The Hoya Capital Housing Index, the benchmark that tracks the performance of the US housing industry, finished the day lower by 0.7% with all eight sectors in negative territory on the day. The homebuilder and residential REIT sectors were the relative outperformers with strong individual performance from DR Horton (DHI), Realogy (RLGY), American Woodmark (AMWD), Wayfair (W) and NVR (NVR).

After a busy jobs week, inflation data highlights this week's economic calendar. PPI inflation data was released this morning. coming in significantly cooler than expected. CPI data comes out on Thursday. While lower oil and food prices continue to put downward pressure on the headline inflation data, core inflation (excluding food and energy) has perked up over the last three months. There are two primary factors behind this summer's acceleration in core inflation: rising core goods costs (largely related to tariffs) and rising housing costs. Housing (CPI: Shelter) accounts for more than a third of the total CPI weight (42% including housing-related services), and since 2013, housing costs have been the few persistent drivers of overall inflation.


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.

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.

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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. It is not possible to invest directly in an index. Index performance cited in this website or commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Nothing on this site nor any published commentary by Hoya Capital is intended to be investment, tax, or legal advice or an offer to buy or sell securities. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and should not be considered a complete discussion of all factors and risks. Data quoted represents past performance, which is no guarantee of future results. Investing involves risk. Loss of principal is possible. Investments in companies involved in the real estate and housing industries involve unique risks, as do investments in ETFs, mutual funds, and other securities. Hoya Capital has no business relationship with any company discussed/mentioned. Hoya Capital never receives compensation from any company discussed/mentioned. Hoya Capital, its affiliate, and/or its clients and/or its employees may hold positions in securities or funds discussed on this website and our published commentary. A complete list of holdings and other important disclosures and definitions are available by clicking the links below.

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