Real Estate Daily Recap: REITs Flat, Housing Sector Climbs Higher Despite Miss on New Home Sales
Coming off a 1% gain yesterday, the Hoya Capital US REIT Index finished the day flat as a busy week of earnings continues. The Shopping Center, Mall, and Timber REIT sectors led the way while the student housing, manufactured housing, and single family rental REIT sectors lagged. The S&P 500 finished higher by 0.5% while the Nasdaq finished higher by 0.7%. Following a disappointing miss on New Home Sales data, the 10-Year yield declined by 2 basis points to end the day at 2.05%.
The Hoya Capital US Housing Index finished the day higher by 0.8%, led by the Home Furnishings, Homebuilding and Homebuilding Products sectors despite the weak economic data. Earnings results so far this quarter have generally been better-than-expected across the housing sector. At Home Group led the way on buyout rumors while Owens Corning, ReMax, KB Home, Restoration Hardware, and American Woodmark were all higher by at least 3%.
For an in-depth analysis of all real estate sectors, be sure to check out all of our quarterly reports: Homebuilders, Apartments, Student Housing, Single Family Rentals, Manufactured Housing, Cell Towers, Healthcare, Industrial, Data Center, Malls, Net Lease, Apartments, Shopping Centers, Hotels, Office, Storage, Timber, and Real Estate Crowdfunding.
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