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  • Alex Pettee, CFA

Real Estate Daily Recap: REITs Flat, Housing Index Climbs Led By Homebuilders

The Hoya Capital US REIT Index finished the day lower by 0.1%, led to the upside by the single family rental, apartment, and manufactured housing REIT sectors. The shopping center, hotel, and mall REIT sectors were the relative underperformers on the day. The S&P 500 finished the day flat while the Nasdaq finished lower by 0.2%. At 2.50%, the 10-Year Yield finished the day higher by 3 basis points but remains roughly 75 basis points lower than it's peak last October following benign inflation data yesterday in the CPI report, but slightly warmer-than-expected data in PPI today.

The Hoya Capital US Housing Index finished higher by 0.4% led to the upside by the Homebuilding and Home Improvement Retail sectors. The strongest performers on the day were Restoration Hardware (RH), Trex (TREX), DR Horton (DHI), Whirlpool (WHR), and Beacon Roofing (BECN).

The Home Furnishings and Residential REIT sector were the relative underperformers on the day. Bed Bath Beyond (BBBY) dropped by more than 8% following earnings results yesterday afternoon, but remains higher by nearly 60% YTD. Overstock (OSTK), Williams Sonoma (WSM), and Costco (COST) all finished lower by 1.8% or more on the day.

The economic calendar for Friday includes Export and Import Prices and Consumer Confidence 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.