Economics, Housing, & Commercial Real Estate Analysis

Keepin' It Real 

Apartment REITs
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Data Center REITs
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  • Alex Pettee, CFA

Real Estate Daily Recap: Homebuilders Rally on Trade Progress, REITs Finish Modestly Higher

Coming off a flat day yesterday despite the 2.5% sell-off in the broader equity market, the Hoya Capital US REIT Index finished the day modestly higher, climbing 0.3% led by the data center, hotel, and mall REIT sectors. The storage, manufactured housing and single family rental REIT sectors lagged on the day. The S&P 500 climbed roughly 1% and the Nasdaq climbed 1.1% following sharp sell-offs yesterday on deteriorating trade relations between China and the US. At 2.42%, the 10-Year yield finished the day higher by 1 basis point after hitting to the lowest level since March yesterday.

The Hoya Capital US Housing Index finished the day higher by 0.8% with seven of the eight sectors in positive territory. The Homebuilding and Home Furnishings sectors were the strongest performing segments, led by Restoration Hardware, Redfin, Overstock, At Home, and TRI Pointe.

The Residential REIT sector were the lone segment in negative territory after strong outperformance yesterday. Re/Max, ExtraSpace, Sun Communities, Weyerhaeuser, and CubeSmart were each down by 0.5%.

After a relatively quiet week for housing and real estate-related data, we’ll get to see Homebuilder Sentiment Data and Retail Sales on Wednesday and Building Starts and Permits data on Thursday. As we’ve discussed, forward-looking data in the single-family housing markets continue to point to a recovery in building activity and new home sales for this year’s peak selling season.

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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