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  • Alex Pettee, CFA

Real Estate Daily Recap: REITs & Homebuilders Dip Following Disappointing New Home Sales Data

For the second straight day, the Hoya Capital US REIT Index finished the day lower by 1.1%, trending lower following weaker-than-expected economic data this morning, including a miss on New Home Sales. All REIT sectors were lower on the day with the data center, cell tower, and net lease REITs underperforming on the day. The S&P 500 finished down by more than 1% while the Nasdaq finished off by 1.7%. The 10-Year yield retreated another 3 basis points on the day, falling to the lowest level since late 2016.

The Hoya Capital US Housing Index finished the day lower by 1.1%, led to the downside by the Homebuilding and Real Estate Technology & Brokerage sectors following weak home sales data this morning. Home Prices, however, rose by more than expected. The Mortgage Lending & Services and Homebuilding Products sectors were the relative outperfomers on the day led by Realogy, Williams-Sonoma, Bed Bath & Beyond, and Trex.

New Home Sales data released this morning was weaker than expected with the TTM rate of growth turning negative for the first time since 2011. From CNBC: "Sales of newly built homes fell 7.8% in May from April and were 3.7% lower than in May 2018, according to the U.S. Census. The median price of a newly built home sold in May was $308,000, down 2.7% annually."

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, and Real Estate Crowdfunding.


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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