
After years of underperformance and with prices stuck at levels not seen since the global financial crisis, the real estate sector is flashing signals of extreme weakness.
The numbers are brutal. The Vanguard Real Estate ETF (NYSE:VNQ), a bellwether for U.S. real estate stocks, has underperformed the SPDR S&P 500 ETF Trust (NYSE:SPY) by 5% so far in 2025.