Real Estate Daily Recap: REITs Rally As Earnings Heat Up, Homebuilders Lower on Existing Sales Miss
Coming off a slight retreat yesterday, the Hoya Capital US REIT Index finished the day strongly higher, rallying more than 1% led by the shopping center, mall, and hotel REIT sectors. The student housing REIT sector was the lone sector in negative territory. The S&P 500 and Nasdaq each finished higher by 0.7% as the 10-Year yield climbed by 3 basis points to end the day at 2.07%.
The Hoya Capital US Housing Index finished the day higher by 0.5% despite a sharp sell-off in the Homebuilding sector following weaker-than-expected Existing Home Sales data and soft earnings from Pulte. The Real Estate Technology & Brokerage sector was the outperformer on the day with Realogy jumping nearly 20% after announcing a partnership with fellow US Housing Index constituent Amazon. Sherwin Williams also jumped nearly 8% on stronger-than-expected earnings while Zillow, Overstock, AO Smith, and Eagle Materials were all higher by at least 3%.
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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