Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Real Estate Daily Recap: Stocks Slide on Trade Tensions, But Residential REITs Finish in the Green

Coming off a 0.9% decline last week, the Hoya Capital US REIT Index finished the day flat amid a sharp sell-off across the broader equity market. The S&P 500 dipped roughly 2.5% and the Nasdaq dipped another 3.5% as relations between China and the US appear to have deteriorated over the past week. The storage, healthcare, and manufactured housing REITs led the way, leading the broader residential REIT sector into the green for the day. Hotel, industrial, and data center REITs were the relative underperformers, At 2.41%, the 10-Year yield finished the day lower by 5 basis points to the lowest level since March.

The Hoya Capital US Housing Index finished the day lower by 1.6% with one of the eight sectors in positive territory. The Residential REIT and Homebuilder sectors were the strongest relative performing segments. HCP, ExtraSpace, Ventas, Public Storage, and Welltower were each up by more than 1% on the day.

The Home Furnishings and Homebuilding Products sectors were the relative laggards. The Home Furnishings most names reliant on imports were hit the hardest with At Home Group, Overstock, Restoration Hardware, Wayfair, Whirlpool, and Williams-Sonoma each down by 5% or more on the day.

After a relatively quiet week for housing and real estate-related data, we’ll get to see Homebuilder Sentiment Data and Retail Sales next Wednesday and Building Starts and Permits data on Thursday. As we’ve discussed, forward-looking data in the single-family housing markets continue to point to a recovery in building activity and new home sales for this year’s peak selling season.

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 ("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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