Real Estate Daily Recap: REITs and Housing Outperform on Worst Day for Stocks of 2019
The worst single-day decline this year, US equity markets finished the day lower by roughly 3% as worries of slowing global economic growth and the inverted yield curve in the US have investors on edge. The S&P 500 and Nasdaq each finished lower by 3.0% as the 10-Year yield dipped another 9 basis points to close the day at 1.58%. Meanwhile, domestic-focused and more rate-senstive equity sectors outperformed with the Hoya Capital US REIT Index finishing the day lower by a modest 1.3%. The manufactured housing, healthcare, and student housing REIT sectors led the gains on the day.
The Hoya Capital US Housing Index finished the day lower by 2.3% with all eight housing sectors finishing in negative territory on the day. The Residential REIT and Homebuilding sectors were the relative outperfomers on the day. At Home Group (HOME), Beacon Roofing (BECN), and Ventas (VTR) were the lone housing sector components in positive territory on the day.
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.
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