Despite the 10-year yield hitting the lowest level in 20 months, the Hoya Capital US REIT Index finished the day lower by more than 1% for the second straight day, dropping by 1.4%. The cell tower, single family rental, and storage REIT sectors were the relative outperformers while the shopping center, mall, and student housing REIT sectors lagged. The S&P 500 declined by 0.7% and the Nasdaq fell 0.8%%. At 2.24%, the 10-Year yield finished the day lower by 3 basis points, dragged down by continued fears over the China/US trade relations and signs of slowing global growth.

The Hoya Capital US Housing Index finished the day lower by 1.0% with two of the eight sectors finishing in positive territory: Home Improvement Retail and Real Estate Insurance. Realogy and Zillow each jumped more than 2%.

The Home Furnishings and Residential REIT sectors were the relative laggards on the day. ReMax, AO Smith, and Redfin were each down by more than 4%.

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