Real Estate Daily Recap: REITs & Housing Climb As S&P 500 Approaches New Record High
The Hoya Capital US REIT Index finished the day higher by 0.6%, led to the upside by the single family rental, data center, and industrial REIT sectors. The healthcare, net lease, and cell tower REIT sectors were the relative underperformers on the day. The S&P 500 finished the day higher by 0.7% and is back within 1% of all-time record highs. The Nasdaq finished higher by 0.4%. At 2.56%, the 10-Year Yield finished the day higher by 6 basis points but remains roughly 70 basis points lower than it's peak last October.
The Hoya Capital US Housing Index finished higher by 0.5% led to the upside by the Mortgage Lending and Home Improvement Retail sectors. The strongest performers on the day were JP Morgan (JPM), Bank of America (BAC), PNC Financial (PNC), At Home (HOME), and Trex (TREX).
The Homebuilding and Home Furnishings sector were the relative underperformers on the day. Wells Fargo (WFC), Tempur Sealy (TPX), Restoration Hardware (RH), Williams-Sonoma (WSM), and La-Z-Boy (LZB) were the laggards on the day.
For the week, REITs ended modestly higher, climbing for the 13th week out of the past 14 dating back to the start of 2019. Housing finished higher by nearly 1% led by Homebuilders and Real Estate Technology & Services.
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