Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Trade Truce Sends Stocks And Housing Higher, REITs Lower

  • Done Deal, Phase 1. US equity markets ended a three-week losing streak after the US and China agreed to a partial trade deal that delays next week's planned tariff hike.

  • While we're far from out-of-the-woods on trade tensions, this week's truce came after weeks of escalating tensions that bled into mainstream American sports and entertainment culture.

  • REITs and other defensive and yield-sensitive equity sectors sold-off on signs of easing tensions. The 10-Year yield jumped 23 basis points as the yield curve shifted back to positive territory.

  • Continuing to lead this year's gains, the US housing sector set another new all-time record high, led by the home furnishings and home improvement sectors.

  • Inflation data came in cooler-than-expected. Housing costs continue to be the primary driver of what little overall inflation that there is. At 3.8%, Primary Rents accelerated to within 10 basis points of 12-year highs.

  • To read the full report, click here to visit Seeking Alpha!

It'll be a fairly busy week of economic data with Retail Sales and Homebuilder Sentiment data released on Wednesday and Housing Starts & Building Permits released on Thursday. Starts and Permits are each coming off their best months in more than 12 years, powered by the tailwinds of significantly lower mortgage rates and strong demographic-driven demand.

For an in-depth analysis of all real estate sectors, be sure to check out all of our quarterly reports: Apartments, Homebuilders, Student Housing, Single-Family Rentals, Manufactured Housing, Cell Towers, Healthcare, Industrial, Data Center, Malls, Net Lease, 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 ("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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