Summary · why it matters
Real estate stocks declined this week as investors raised bets on a September rate hike following Federal Reserve Chair Kevin Warsh's hawkish speech at the Jackson Hole Symposium. The probability of a 25-basis-point rate hike in September rose to 55.0% from 35.4% on Thursday, according to the CME FedWatch tool. The S&P 500 Real Estate Index Sector fell 1.28% week-over-week to 283.05 points, while the State Street Real Estate Select Sector SPDR ETF decreased 1.33% to $44.48. Among largecap real estate stocks, Host Hotels & Resorts led the decliners, pulling back 4.01% from the prior year to close at $22.28. Iron Mountain retreated 3.79% to $117.40, while SBA Communications, KE Holdings, and BXP led the gainers. In the smallcap segment, Real REMAX Group, formed from the merger of Real Brokerage and Re/Max, fell 20.11% to $21.09, despite announcing a $450M share repurchase authorization.