Keepin' It Real  

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Weekly Outlook: Housing Gets Hotter

  • U.S. equity markets were mixed this week as better-than-expected economic data and strong corporate earnings results were offset by continued coronavirus concerns and frustration over the ongoing stimulus stalemate.

  • Snapping a three-week winning streak, the S&P 500 ended the week lower by 0.4%, but remains within 4% of its all-time highs. Technology stocks remained under pressure amid an ongoing censorship controversy.

  • Despite a strong start to real estate earnings season, Equity REITs finished lower by 0.4%, but 11 of 18 property sectors finished in positive territory while Mortgage REITs gained 0.8%.

  • Three more equity REITs - GTY, CCI, PINE - raised dividends this week while three REITs boosted full-year guidance. 34 equity REITs have now raised distributions in 2020 compared to 65 that have reduced or suspended their dividend.

  • Housing Gets Hotter: Homebuilder Sentiment climbed to record highs while Existing Home Sales smashed estimates, climbing to 14-year highs. Record-low inventory levels sent home prices surging by nearly 15% from last year.

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Disclosure: A complete list of holdings and Real Estate and Housing Index definitions and holdings are available at HoyaCapital.com. Hoya Capital Real Estate advises an Exchange Traded Fund listed on the NYSE. Hoya Capital is long all components in the Hoya Capital Housing 100 Index.

Additional Disclosure: It is not possible to invest directly in an index. Index performance cited in this commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Data quoted represents past performance, which is no guarantee of future results. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy.

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