Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Real Estate Daily Recap: Quiet Start to A Busy Week of Earnings & Economic Data

Coming off a 0.1% decline last week, the Hoya Capital US REIT Index finished the day slightly lower, retreating 0.1%. The cell tower, single family rental, and storage REIT sectors outperformed on the day while the shopping center, hotel, and healthcare REIT sectors lagged. The S&P 500 finished higher by less than 0.1%, climbing to new record high while the Nasdaq also finished at new record highs, climbing 0.3%. The 10-Year yield finished the day lower by 1 basis point following mixed economic data from China last night.

The Hoya Capital US Housing Index finished the day lower by 0.3% with two of the eight housing sectors finishing in positive territory. Home Improvement Retail and Residential REITs were the relative outperformers on the day while the Homebuilders were the relative laggards. Williams-Sonoma, Realogy, Restoration Hardware, Eagle Materials, and Louisiana-Pacific were the five best-performing stocks in the housing sector on the day.

Housing Starts and Permits data on Wednesday highlights this week’s economic calendar. Housing starts data beat estimates last month, led by a jump in multifamily starts to the highest monthly rate since 2016. Interestingly, while home sales data and mortgage demand data have accelerated over the past quarter, single-family starts and permitting data has been comparatively soft to this point. Other notable economic data points next week include Homebuilder Sentiment and Retail Sales data on Tuesday.

For an in-depth analysis of all real estate sectors, be sure to check out all of our quarterly reports: Homebuilders, Apartments, Student Housing, Single Family Rentals, Manufactured Housing, Cell Towers, Healthcare, Industrial, Data Center, Malls, Net Lease, Apartments, 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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