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Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Real Estate Daily Recap: REITs and Homebuilders Lower After Fed Disappoints

Giving up early-day gains, the Hoya Capital US REIT Index finished the day lower by 0.6% following the Federal Reserve rate cut announcement and subsequent press conference which many market participants view as a "hawkish" cut. Equity markets sold off in unison during the press conference but closed off the intra-day lows. The mall, data center, and cell tower REIT sector were the relative winners on the day while the timber, hotel, and single family rental REIT sectors lagged. The S&P 500 finished lower by 1.1% while the Nasdaq finished lower by 1.4%. Despite the hawkish sentiment, the 10-year yield finished lower by 4 basis points on expectations that the single 25 basis point rate cut may not be enough to stimulate domestic economic growth enough to offset the headwinds from slowing growth abroad.

The Hoya Capital US Housing Index finished the day lower by 0.9% after breaching new all-time record highs in the morning. The Home Improvement Retail and Homebuilding sectors were the relative underperforms on the day while Simpson, Bed Bath & Beyond, Zillow, NVR, and La-Z-Boy were the relative winners.

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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