Alex Pettee, CFA
Real Estate Daily Recap: REITs Climb for 3rd Straight Day, Homebuilders Lead Gains in Housing Sector
For the third straight day, the Hoya Capital US REIT Index finished in the green, climbing by 0.5%, led by the single family rental, industrial, and data center REIT sectors. The mall, hotel, and storage REIT sectors lagged on the day. The S&P 500 climbed roughly 0.9% and the Nasdaq climbed 1.0%. At 2.41%, the 10-Year yield finished the day higher by 3 basis point, bouncing back from the lowest level in nearly 18-months.
The Hoya Capital US Housing Index finished the day higher by 0.6% following better-than-expected housing starts & permits data. All eight of the eight housing sectors finished in positive territory. The Homebuilder and Mortgage Lenders/Servicers sectors were the strongest performing segments, led by At Home, Eagle Materials, Mohawk, Wayfair, and Taylor Morrison.
The Homebuilding Products and Home Furnishings sectors were the relative laggards on the day. Overstock and AO Smith finished lower by more than 6% while Redfin, Restoration Hardware, and Bed Bath & Beyond finished down by more than 1.5% each.
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