Real Estate Daily Recap: REITs and Housing Finish Higher as Zillow Surges in After-Hours Trading
Following a modest 0.1% retreat yesterday, the Hoya Capital US REIT Index finished the day higher by 0.4% but is still on pace for just it's fourth down-week this year. The healthcare, single family rental, and apartment REIT sectors led the gains on the day while the data center, student housing, and cell tower REIT sectors lagged. At 2.46%, the 10-Year yield finished the day lower by 2 basis points. The S&P 500 finished the day lower by 0.3% as China/US trade uncertainty continue to weigh on the markets.
The Hoya Capital US Housing Index finished the day higher by 0.3% with four of the eight sectors in positive territory. The Homebuilder and Residential REIT sectors were the strongest relative performing segments. Overstock led the gains with an 11% jump while Realogy, Sleep Number, NVR, and KB Home were each up more than 2%.
The Real Estate Technology & Brokerage and Home Improvement Retail sectors were the relative laggards. Redfin dipped more than 15% following yesterday's earning. Remax, Whirlpool, Tempur Sealy, and Leggett & Platt were each down by 2% or more. Zillow is up more than 17% in after-hours trading after reporting earnings.
PPI data today was cooler-than-expected as 'Goldilocks' economic conditions that have powered real estate outperformance this year continue. CPI data is released on Friday.
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