Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Real Estate Daily Recap: REITs Extend Rally, Homebuilders Climb Despite Lukewarm Existing Home Sales

Following a 1.3% yesterday, the Hoya Capital US REIT Index finished the day higher by 1.0%, led by gains in the industrial, mall, and hotel REIT sectors. The storage, office, and cell tower REIT sectors were the relative underperforms on the day, but all fourteen sectors finished in positive territory. The S&P 500 climbed climbed by 0.9% and the Nasdaq climbed 1.0%%. At 2.43%, the 10-Year yield finished the day higher by 1 basis point, bouncing back from the lowest weekly closing level in nearly 18-months.

The Hoya Capital US Housing Index finished the day higher by 1.2% with all eight sectors finishing in positive territory. The Homebuilding Products and Real Estate Technology & Brokerage were the relative outperforms. Overstock, Restoration Hardware, Trex, Realogy, AO Smith, Zillow, and Redfin each climbed at least 3% on the day.

The Real Estate Technology and Mortgage Lending & Services sectors were the relative laggards on the day. At Home, Fidelity National, Travelers, Walmart, and Wayfair were the relative laggards.

Existing Home Sales data today come in below estimates, dipping 0.4% on a month-over-month basis and 4.4% on a year-over-year basis. Inventory remains near historically low levels at 4.2 months supply.

New Home Sales data is released on Thursday with Durable Goods data released on Friday.

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 ("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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