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  • Alex Pettee, CFA

Real Estate Daily Recap: REITs & Housing Give Up Early Gains After Fed Comments

Following a 1% gain last yesterday, the Hoya Capital US REIT Index finished the day higher by 0.4%, giving up strong mid-day gains following comments from the Federal Reserve that indicated that Fed would "remain patient" in comments that were interpreted as slightly more hawkish than expected. The mall and industrial REIT sectors led the gains on the day while the cell tower and data center REIT sectors lagged. At 2.51%, the 10-Year yield finished the day flat. The S&P 500 finished the day lower by 0.7%, retreating from record highs.

The Hoya Capital US Housing Index finished the day lower by 0.3% with two of the eight sectors in positive territory. The Homebuilders and Residential REIT sectors were the strongest performing segments. Taylor Morrison (TMHC), MDC Holdings (MDC), At Home (HOME), ExtraSpace (EXR), and Sleep Number (SNBR) were among the top gainers on the day.

The Home Improvement Retail and Real Estate Technology & Brokerage sectors were the relative underperforms on the day. Overstock (OSTK), Trex (TREX), and Redfin (RDFN) were among the laggards.

It'll be another jam-packed week for real estate earnings. Per Seeking Alpha, the slate tomorrow includes over a dozen REIT and housing company reports.

The busy week for housing and economic data continues with the monthly non-farm payrolls report 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.