Real Estate Daily Recap: REITs Outperform As Yields Dip To Lowest Level Since 2017
Following consecutive up-days, the Hoya Capital US REIT Index finished the day higher by 0.2%, led by gains in the manufactured housing, cell tower, and net lease REIT sectors. The hotel, office, and mall REIT sectors were the relative underperforms on the day. The S&P 500 climbed declined by 1.2% and the Nasdaq fell 1.5%%. At 2.30%, the 10-Year yield finished the day lower by 9 basis points, dragged down by a 5% drop in crude oil prices, as yields dipped to the lowest level since 2017.
The Hoya Capital US Housing Index finished the day lower by 0.8% with one of the eight sectors finishing in positive territory: Residential REITs.
The Home Furnishings and Real Estate Technology & Brokerage sectors were the relative laggards on the day.
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