Keepin' It Real  

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Real Estate Daily Recap: REITs Claw Back Early Losses to End Day Roughly Flat

Following the worst week for REITs of 2019, the Hoya Capital US REIT Index finished the day lower by 0.2%, clawing back early-day losses that had the sector lower by more than 1%. The student housing, manufactured housing, and office REIT sectors were the relative outperformers while the mall, net lease, and shopping center REITs were the relative laggards. The S&P 500 finished up by 0.9% while the Nasdaq finished higher by 1.4%. The 10-Year yield finished the day higher by 3 basis points after closing at the the lowest weekly level in more than three years last week.

The Hoya Capital US Housing Index finished the day higher by 0.4% with all seven of the housing sectors finishing in positive territory. The Housing Industry was led by the Real Estate Insurance and Home Improvement Retail sectors. At Home, Beacon Roofing, Radian, Lennox, MGIC, and Restoration Hardware were the relative winners on the day.

Construction Spending came in weaker-than-expected in May with nonresidential spending dipping more than 11% on a seasonally-adjusted annualized basis, the weakest rate of growth for that data series since 2009. Public construction spending continues to be the bright-spot while nonresidential spending has seen modest growth over the last year.

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, 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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