US real estate and homebuilder stocks rise after softer inflation data

Extra Space Storage

12/06/2024 17:32

** U.S. real estate stocks jump after softer-than-expected
inflation data
    ** S&P 500 Real Estate Sector  .SPLRCR  rises 2.11% to a
three-week high
    ** Among top movers, Boston Properties  BXP.N  climbs 5.5%,
Alexandria Real Estate Equities  ARE.N  up 3.5%, Extra Space
Storage  ERX.N  up 3.4%, CBRE Group  CBRE.N  up 3.2%
    ** U.S. consumer prices were unexpectedly unchanged in May
boosting hopes for a rate cut by the Federal Reserve in
September
    ** Easing interest rates would also pull down mortgage
rates, benefiting homebuilders
    ** PHLX Housing Index  .HGX  also up 4%: Walker & Dunlop
 WD.N , PennyMac Financial Services  PSFI.N , Meritage Homes
Corporation  MTH.N , and LGI Homes  LGIH.O  leading gains, up
between 6% and 8%
    ** Including session moves, SPLRCR down 3.5% YTD, and HGX up
5.5% YTD

 (Reporting by Nikhil Sharma in Bengaluru)
 ((Nikhil.Sharma@thomsonreuters.com))