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  • Alex Pettee, CFA

Real Estate Daily Recap: REITs Finish Lower By 1%, Housing Finishes Flat As Earnings Continue

Following a 1% gain last week, the Hoya Capital US REIT Index finished the day lower by 1.1% with all REIT sectors finishing in negative territory on the day as interest rates again crept higher following some relief last week. At 2.54%, the 10-Year yield finished the day higher by 3 basis points, pressuring the more yield-sensitive sub-sectors of the real estate market. The S&P 500 finished the day at new record highs, climbing 0.1%. The Nasdaq finished higher by 0.2%. Crude oil finished higher by more than 1% as the recent climb higher in energy prices threaten to derail the 'Goldilocks' economic conditions that had powered real estate outperformance since late 2018.

The Hoya Capital US Housing Index finished the day lower by 0.2% with five of the eight sectors in positive territory. The Home Furnishings and Real Estate Technology & Brokerage sectors were the strongest performing segments. Wayfair (W), Mohawk (MHK), Simpson (SSD), Owens Corning (OC), and Masco (MAS) each finished higher by 2% or more.

The Residential REIT and Home Improvement Retail sectors were the relative underperforms on the day. Fidelity National (FNF), Weyerhaeuser (WY), Tri Pointe (TPH), First American Financial (FAF), and PotlatchDeltic (PCH) each finished lower by at least 2%.

It'll be another jam-packed week for real estate earnings. Per Seeking Alpha, the slate tomorrow includes over a dozen REIT and housing company reports.

It'll be another busy week for housing and economic data. Core PCE data released this morning came in cooler than estimates, rising just 1.6% on a year-over-year basis. Case-Shiller Home Prices and Pending Home Sales on Tuesday, ADP jobs data and Construction Spending on Wednesday, and the monthly non-farm payrolls report 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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