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  • Alex Pettee, CFA

Real Estate Daily Recap: REITs Down For Second Straight Day Despite Sliding Yields

Despite the 10-year yield hitting the lowest level in 20 months, the Hoya Capital US REIT Index finished the day lower by more than 1% for the second straight day, dropping by 1.4%. The cell tower, single family rental, and storage REIT sectors were the relative outperformers while the shopping center, mall, and student housing REIT sectors lagged. The S&P 500 declined by 0.7% and the Nasdaq fell 0.8%%. At 2.24%, the 10-Year yield finished the day lower by 3 basis points, dragged down by continued fears over the China/US trade relations and signs of slowing global growth.

The Hoya Capital US Housing Index finished the day lower by 1.0% with two of the eight sectors finishing in positive territory: Home Improvement Retail and Real Estate Insurance. Realogy and Zillow each jumped more than 2%.

The Home Furnishings and Residential REIT sectors were the relative laggards on the day. ReMax, AO Smith, and Redfin were each down by more than 4%.

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 Research & Index Innovations is an affiliated index provider and research firm that builds custom indexes tracking U.S. commercial and residential real estate sectors, including indexes tracked by exchange-traded funds (ETFs). 

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