The Hoya Capital US REIT Index finished the day slightly lower, led to the upside by the hotel and data center REIT sectors, but dragged to the downside by the healthcare, manufactured housng, and single family rental REIT sectors. The S&P 500 finished the day down 0.5% while the Nasdaq declined 0.6%. At 2.37%, the 10-Year Yield finished the day down 4 basis points and remains near the lowest level in more than a year.

The Homebuilding sector was the strongest performer on the day following solid results yesterday from KB Homes (KBH) and this morning from Lennar (LEN). Pulte (PHM), Lennar (LEN), Taylor Morrison (TMHC), MDC Holdings (MDC), and TRI Pointe (TPH) were each up more than 3% on the day. Real Estate Technology firm Redfin (RDFN) was also higher by nearly 3%.

The Home Furnishings and Residential REIT sectors were the lone sectors in negative territory on the day. At Home (HOME), Overstock (OSTK), Wayfair (W), Tred (TREX), and Beacon Roofing (BECN) were among the laggards.

The busy week continues for housing data now that we’re finally back on schedule following the disruptions of the government shutdown. Starts and permits data for February were released on Tuesday, as was the Case Shiller and FHFA home price indexes. Pending home sales come out on Thursday, while new home sales for February come out on Friday.

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