• U.S. equity markets declined on a volatile Thanksgiving week as concerns over an emerging COVID variant triggered a fresh wave of economic restrictions and travel restrictions across Europe and Asia.
• Capping-off the choppy week with the worst single-day decline since February, the S&P 500 ended the week lower by 2.1%. Mid-Caps and Small-Caps dipped over 3% while oil plunged 8%.
• Buoyed by strong performance across the "essential" property sectors - housing, technology, and logistics - real estate equities mostly held their ground, but COVID-sensitive sectors were slammed.
• Renewed uncertainty over the outlook for growth, inflation, and interest rates comes as the BEA reported this week that consumer prices in the US soared at the fastest rate in 31 years in October.
• Importantly, the U.S. housing industry - which has been a critical source of strength throughout the pandemic - appears to be picking up steam yet again following a summer slowdown.

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Disclosure: Hoya Capital Real Estate advises two Exchange-Traded Funds listed on the NYSE. In addition to any long positions listed below, Hoya Capital is long all components in the Hoya Capital Housing 100 Index and in the Hoya Capital High Dividend Yield Index. Index definitions and a complete list of holdings are available on our website.

Additional Disclosure: It is not possible to invest directly in an index. Index performance cited in this commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Data quoted represents past performance, which is no guarantee of future results. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy.