Alex Pettee, CFA
Real Estate Daily Recap: REITs Finish Higher As Yields Continue To Retreat
Coming off a modestly higher finish yesterday, the Hoya Capital US REIT Index finished the day higher again by 0.6%, led by the hotel, student housing, and healthcare REIT sectors. The storage, shopping center, and net lease REIT sectors lagged on the day. The S&P 500 climbed roughly 0.6% and the Nasdaq climbed 1.4% following sharp sell-offs yesterday early in the week on deteriorating trade relations between China and the US. At 2.38%, the 10-Year yield finished the day lower by 4 basis point, the lowest level in nearly 18-months.
The Hoya Capital US Housing Index finished the day higher by 0.3% with six of the eight sectors in positive territory. The Real Estate Insurance and Home Improvement Retail sectors were the strongest performing segments, led by At Home, Progressive, Zillow, CoreLogic, and Tempur Sealy.
The Mortgage Lenders/Servicers and Real Estate Technology and Brokerage sector were the lone segments in negative territory. Overstock, Re/Max, and Realogy were each down by at least 3% on the day.
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