Economics, Housing, & Commercial Real Estate Analysis

Keepin' It Real 

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  • Alex Pettee, CFA

Real Estate Daily Recap: REITs Climb 1%, But End Week Lower by 3%, Worst Week of 2019


The Hoya Capital US REIT Index finished the day higher by 1.0%, recovering after two straight days of losses. The student housing, industrial, and manufactured housing REIT sectors led the way on the day, each climbing by 1.5% or more. The cell tower, data center, and hotel REIT sectors were the relative laggards on the day. The S&P 500 finished the day higher by 0.2% and is still within about 1% of all-time record highs. The Nasdaq finished higher by 0.1%. At 2.56%, the 10-Year Yield finished the day lower by 3 basis points on the day and remains roughly 70 basis points lower than it's peak last October.

The Hoya Capital US Housing Index finished the day higher by 0.3%, led to the upside by the Homebuilders and Residential REIT sectors. Eagle Materials (EXP), Beacon Roofing (BECN), HCP (HCP), Travelers (TRV), and Sherwin-Williams (SHW) were the top-performers on the day.

The Home Improvement Retail and Home Furnishings sectors were the relative underperforms on the day. Sleep Number (SNBR) finished sharply lower after reporting disappointing earnings yesterday afternoon, while Restoration Hardware (RH), Overstock (OSTK), and La-Z-Boy (LZB) were lower in synchrony. Despite this week's performance, the Home Furnishings sector remains higher by nearly 26% this year.

On the week, REITs retreated nearly 3% while Homebuilders climbed by a similar amount. The Hoya Capital US Housing Index ended the week lower by 0.6%. The S&P 500 finished mildly lower while the Nasdaq climbed. 0.8%. Interest rates generally held steady with the 10-Year yield finishing flat on the week.

Retail Sales data was released today and come in better-than-expected. Our analysis will be published in tomorrow's Real Estate Weekly Review. While the equity market will be closed tomorrow, Housing Starts and Permits data will be released tomorrow morning while New Home Sales data is released next Tuesday.

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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