With all eyes on Washington DC following the release of a whistleblower complaint alleging wrongdoing by the President, US equity markets ended the day modestly lower as investors digested the potential ramifications of the latest revelations. The S&P 500 ETF (SPY) ended lower by 0.2% while the Nasdaq ETF (QQQ) fell by 0.4%. The 10-Year yield resumed a retreat after perking higher to 1.90% back on September 14th, dipping below 1.70%, but still well off the recent lows of 1.45% hit on September 3rd.

In a continued "risk-off" market theme, the broad-based REIT ETFs (VNQ and IYR) climbed by 0.9%, led by the shopping center, net lease, and mall REIT sectors. Top individual performers on the day included CBL & Associates (CBL), Washington Prime (WPG), Pennsylvania REIT (PEI), Spirit (SRC), and Kimco (KIM). The hotel REIT sector was the lone category in negative territory on the day, led to the downside by Diamondrock (DRH), Pebblebrook (PEB), and Xenia (XHR). We published a piece this morning on the hotel REIT sector, Hotel REITs: Airbnb's WeWork Problem.

The Hoya Capital Housing Index, the benchmark that tracks the performance of the US housing industry, finished the day higher by 0.2% as the streak of better-than-expected housing data continued. Pending Home Sales topped estimates this morning as year-over-year contract signings rose 2.5%. The Real Estate Technology and Brokerage sector was the leader on the day with strong performance from Re/Max (RMAX) and Realogy (RLGY).

The busy week of economic data comes to a close tomorrow with PCE inflation data, and the closely-watched personal income and spending data for perhaps the best "read" on the strength of the US consumer.

With gains of 25% so far this year, the broad-based REIT ETFs (VNQ and IYR) continue to outperform the S&P 500, which has climbed roughly 20%. The US Housing sector has climbed roughly 27% this year led by the 52% surge in Homebuilders (ITB) and strong gains from the Home Furnishings and Homebuilding Products & Materials sectors. At 1.69%, the 10-year yield has retreated by 100 basis points since the start of the year and is roughly 155 basis points below peak levels of 2018 around 3.25%.

For an in-depth analysis of all real estate sectors, be sure to check out all of our quarterly reports: Apartments, Homebuilders, Student Housing, Single-Family Rentals, Manufactured Housing, Cell Towers, Healthcare, Industrial, Data Center, Malls, Net Lease, Shopping Centers, Hotels, Office, Storage, Timber, and Real Estate Crowdfunding.

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Disclosure: An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes. The information presented does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. We consider the information in this presentation to be accurate, but we do not represent that it is complete. It should not be relied upon as the sole source of suitability for investment. Please consult with your investment, tax or legal adviser regarding your individual circumstances before investing. Visit our website for a complete definition of all indexes cited in this report. Investing involves risk and loss of principal is possible.