Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Daily Recap: REITs & Housing Gain | CPI Comes in Hot | Cooling Trade Tensions​

Updated: Sep 16, 2019

Signs of cooling trade tensions between China and the US ahead of critical trade talks sent the S&P 500 (SPY) and the Nasdaq (QQQ) higher and edging towards record-highs. The broad-based REIT ETF (VNQ) climbed by 0.3% on the day despite the continued tick higher in the 10-Year yield. The REIT sector was led by gains in the cell tower, industrial, and manufactured housing REIT sectors, but dragged down by weak performance from the mall and hotel sectors.

The Hoya Capital Housing Index set another new record high, climbing another 0.3% on the day. The housing sector was led by the Homebuilding and Home Furnishing Sectors with strong performance from KB Home (KBH), Sherwin-Williams (SHW), MDC Holdings (MDC), Wayfair (W), and AO Smith (AOS).

Within the real estate sector, American Tower (AMT), Terreno (TRNO), PS Business Park (PSB), Eastgrou (EGP), and Equinix (EQIX) each gained at least 2% on the day. Small-cap mall REIT CBL & Associates (CBL), which surged more than 30% yesterday, plunged by more than 18% today along with weak performance from fellow mall REITs Washington Prime (WPG) and Pennsylvania REIT (WPG).

With gains of nearly 24% 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 28% this year led by the 46% surge in Homebuilders (ITB) and strong gains from the Home Furnishings and Homebuilding Products & Materials sectors. At 1.79%, the 10-year yield has retreated by 90 basis points since the start of the year and is roughly 150 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.

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, LLC

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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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