Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Real Estate Daily Recap: REITs Modestly Lower, Homebuilders Flat as 10-Year Yield Clings to 2-Handle

Following a 0.6% gain last week, the Hoya Capital US REIT Index finished the day lower by 0.6%, trending lower on an otherwise quite summer day on Wall Street. Data centers were the lone REIT sector in positive territory while hotel, shopping center, and mall REITs led to the downside. The S&P 500 finished slightly lower on the day while the Nasdaq finished flat. The 10-Year yield retreated another 5 basis points on the day, barely clinging onto the 2-handle at 2.02%.

The Hoya Capital US Housing Index finished the day lower by 0.6% ahead of a busy Tuesday of Housing data with Home Prices and New Home Sales data released. The Homebuilding sector was the lone housing sector in positive territory on the day while the Real Estate Technology & Brokerage and the Home Improvement Retail sector lagged on the day.

This week will be be week two of the busy fortnight for housing data. The FHFA and Case Shiller Home Price Indexes will both be released on Tuesday and are expected to show a continued deceleration in home prices. These relatively slow-reacting indexes continue to reflect soft conditions in late 2018 and early 2019, and we expect home prices to begin to reaccelerate later this year given the plunge in 30-year fixed mortgage rates. New Home Sales data is also released on Tuesday, which is expected to show a continuation of recent strength following two months of 11% and 7% year-over-year growth. Pending Home Sales data on Thursday and Core PCE inflation data round out the economic data calendar this week.

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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Hoya Capital Real Estate, LLC

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Hoya Capital Real Estate ("Hoya Capital") is an SEC-registered investment advisory firm that provides investment management services to ETFs, individuals, and institutions, focusing on portfolio and index management of publicly traded securities in the real estate industry. It is not possible to invest directly in an index. Index performance cited in this website or commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Nothing on this site nor any published commentary by Hoya Capital is intended to be investment, tax, or legal advice or an offer to buy or sell securities. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and should not be considered a complete discussion of all factors and risks. Data quoted represents past performance, which is no guarantee of future results. Investing involves risk. Loss of principal is possible. Investments in companies involved in the real estate and housing industries involve unique risks, as do investments in ETFs, mutual funds, and other securities. Hoya Capital has no business relationship with any company discussed/mentioned. Hoya Capital never receives compensation from any company discussed/mentioned. Hoya Capital, its affiliate, and/or its clients and/or its employees may hold positions in securities or funds discussed on this website and our published commentary. A complete list of holdings and other important disclosures and definitions are available by clicking the links below.

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