Real Estate Daily Recap: REITs Claw Back Early Losses to End Day Roughly Flat
Following the worst week for REITs of 2019, the Hoya Capital US REIT Index finished the day lower by 0.2%, clawing back early-day losses that had the sector lower by more than 1%. The student housing, manufactured housing, and office REIT sectors were the relative outperformers while the mall, net lease, and shopping center REITs were the relative laggards. The S&P 500 finished up by 0.9% while the Nasdaq finished higher by 1.4%. The 10-Year yield finished the day higher by 3 basis points after closing at the the lowest weekly level in more than three years last week.
The Hoya Capital US Housing Index finished the day higher by 0.4% with all seven of the housing sectors finishing in positive territory. The Housing Industry was led by the Real Estate Insurance and Home Improvement Retail sectors. At Home, Beacon Roofing, Radian, Lennox, MGIC, and Restoration Hardware were the relative winners on the day.
Construction Spending came in weaker-than-expected in May with nonresidential spending dipping more than 11% on a seasonally-adjusted annualized basis, the weakest rate of growth for that data series since 2009. Public construction spending continues to be the bright-spot while nonresidential spending has seen modest growth over the last year.
For an in-depth analysis of all real estate sectors, be sure to check out all of our quarterly reports: Homebuilders, Apartments, Student Housing, Single Family Rentals, Manufactured Housing, Cell Towers, Healthcare, Industrial, Data Center, Malls, Net Lease, Apartments, Shopping Centers, Hotels, Office, Storage, and Real Estate Crowdfunding.
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