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  • Alex Pettee, CFA

Real Estate Daily Recap: REITs & Housing Finish Higher As Yields Dip to 21-Month Lows

Continuing to outperform the broader equity market amid continued trade tensions and a global risk-off trade, the Hoya Capital US REIT Index finished the day higher by 0.2%, led by the industrial, net lease, and cell tower REIT sectors. The data center, mall, and manufactured housing REIT sectors were the relative laggards on the day. The S&P 500 declined by 0.3% and the Nasdaq dipped 2.2%. At 2.08%, the 10-Year yield finished the day lower by 6 basis points, the lowest level in 21 months.

The Hoya Capital US Housing Index finished the day higher by 0.7% with seven of the eight sectors in positive territory. Homebuilders and Homebuilding Products were the two strongest performing industry sectors with Sleep Number, Overstock, and Bed Bath & Beyond each climbing by more than 3.5%.

The Real Estate Technology & Brokerage was the lone housing sector in negative territory, dragged down by RealPage, Zillow, and Redfin, which each fell by 1.5% or more on the day.

Jobs data highlights a busy week of economic data ahead, which will be closely watched by market participants around the world. The US labor markets have defied expectations on the upside for much of the past half-decade, and continued strength in job growth should be expected to strengthen the Administration's hand at the negotiating table and improve the outlook for a trade deal with China. On the flip-side, a particularly weak report will very much put Fed rate cuts back in play and may leave the 10-year with a 1-handle by next weekend. Construction spending on Monday, factory orders on Tuesday, and ADP employment data on Wednesday are the other notable releases next week.

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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