Real Estate Daily Recap: REITs & Housing Higher For 3rd Straight Day As Fed Signals July Cut
For the third straight day, the Hoya Capital US REIT Index finished the day higher, climbing roughly 0.6% as Fed Chair Powell signaled that investors should indeed expect a rate cut in July, the first cut of this economic cycle. The yield-sensitive sectors generally led the way with the net lease, single family rental, and healthcare REIT sectors leading on the day. The mall REIT sector was the lone REIT sector in negative territory on the day. The S&P 500 finished higher by 0.5% while the Nasdaq finished higher by 0.9%, each within 1% of all-time record highs. The 10-Year yield finished the day higher by 1 basis points as crude oil jumped 4% on the day following data showing shrinking supply levels.
The Hoya Capital US Housing Index finished the day higher by 0.3%, finishing at new record highs. Three of the eight housing sectors finishing in positive territory with Homebuilder and Home Furnishings sectors leading the way. Zillow, NVR, La-Z-Boy, Lennar, and Pulte each finished higher by more than 2% on the day.
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, Timber, and Real Estate Crowdfunding.
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