-- Real estate stocks are the best-performing sector in the S&P 500 Index on Thursday after the Federal Reserve’s decision to hold rates steady sparked optimism that the central bank could be nearing the end of its tightening cycle.Jamie Dimon Warns Texas to Stop Pushing Anti-Business LawsHomebuilders and real estate investment trusts are outperforming the broader market as investor appetite shifts toward more defensive, cash-producing sectors like real estate and utilities.
Homebuilders have been benefiting from tight inventory fueled by a decline in previously-owned home listings due to decades-high mortgage rates that give existing homeowners little incentive to sell. The group is up 38% year-to-date. As for REITs, “any signal that rates may stop increasing, or potentially even fall as is being signaled by moves in the 10-year yield this week, could be very helpful in determining property values, facilitating refinancing and potentially unlocking transactions,” said Bloomberg Intelligence analyst Jeffrey Langbaum.
The cohort has also been reacting to a sharp drop in Treasury yields over the past few sessions and a gradual pullback over the last month, Langbaum added. The US 10-year Treasury yield fell for the second day in a row on Thursday, slipping below 4.7%.
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