Real Estate Daily Recap: REITs Lower For Second Day, Homebuilders Retreat 1%
The Hoya Capital US REIT Index finished the day lower by 0.6%, led to the upside by the storage and cell tower REIT sectors. The hotel, single family rental, and office REIT sectors were the relative underperformers on the day. The S&P 500 finished the day lower by 0.5% while the Nasdaq finished lower by 0.4%. At 2.50%, the 10-Year Yield finished the day lower by 2 basis points but remains roughly 75 basis points lower than it's peak last October.
Within the Hoya Capital US Housing Index, the Residential REIT sector was the strongest performer on the day led by ExtraSpace (EXR), Public Storage (PSA), UDR (UDR).
The Home Improvement Retail sector was the relative laggard on the day with Overstock (OSTK), American Woodmark (AMWD), and Wayfair (W) each declining 3% or more on the day. Real Estate Brokerage & Technology firm Redfin (RDFN) retreated 4% on the day.
The economic calendar for this week includes CPI on Wednesday, and PPI on Thursday.
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