Following consecutive 1% gains, the Hoya Capital US REIT Index finished the day higher by 0.1%, led by the manufactured housing, single family rental, and apartment REIT sectors. The hotel, cell tower, and mall REIT sectors were the relative underperformers on the day. The S&P 500 finished the flat, still just shy of record-highs. The Nasdaq finished higher by 0.4%. At 2.54%, the 13-Year Yield finished the day higher by 1 basis points on the day. Oil finished lower by nearly 1%, the second straight day of 1% declines, but the recent climb higher in energy prices threaten to derail the 'Goldilocks' economic conditions that had powered real estate outperformance since late 2018.

The Hoya Capital US Housing Index finished the day lower by 0.6% with two of the eight sectors in positive territory. The Real Estate Insurance and Residential REIT sectors were the strongest performing segments. Aarons (AAN), Fortune Brands (FBHS), First American (FAF), American Woodmark (AMWD), and Fidelity National (FNF) were each up 2% or more on the day.

The Homebuilders and Real Estate Technology & Brokerage sectors were the relative underperforms on the day. DR Horton (DHI) finished lower by more than 4% after issuing weak 2019 guidance. Tri Pointe (TPH) also finished sharply lower after earnings. Corelogic (CLGX), Masco (MAS), and Overstock (OSTK) were also each down 4% or more.

The jam-packed week for real estate earnings continues. Per Seeking Alpha, the slate tomorrow includes Ventas (VTR) and Weyerhaeuser (WY).

The economic calendar for the rest of the week includes GDP data on Friday.

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