Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Real Estate Daily Recap: Stocks End Lower, But REITs & Housing Outperform

On the heels of a wild week that saw steep intra-day market moves, US equity markets finished the day lower by more than 1% as geopolitical tensions continue to mount - today in the form of Argentina, which saw it's stock market crash 35% following the surprise results of a snap election. The S&P 500 and Nasdaq each finished lower by 1.2% as the 10-Year yield dipped another 9 basis points to close the day at 1.64%. Meanwhile, domestic-focused and more rate-senstive equity sectors outperformed with the Hoya Capital US REIT Index finishing the day lower by a modest 0.3%. The manufactured housing, storage, and apartment REIT sectors led the gains on the day.

The Hoya Capital US Housing Index finished the day lower by 0.8% with all eight housing sectors finishing in negative territory on the day. The Residential REIT and Home Furnishings sectors were the relative outperfomers on the day. Beacon Roofing (BECN), Restoration Hardware (RH), Realogy Holdings (RLGY), Essex Properties (ESS), and Williams-Sonoma (WSM) were all up by at least 1.7% on the day.

The economic calendar again heats up this week with Core CPI data on Tuesday, Retail Sales and Homebuilding Sentiment on Thursday, and the closely-watched Housing Starts and Permits data on Friday. Based on strong order growth results from the publicly-traded homebuilders and other forward-looking indicators noted above, we expect to begin to see the positive effects of lower rates show up in the more slower-reacting housing starts and home sales data over the next several months.

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, Timber, 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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