LMP - on Real Estate

I am monitoring the NAREIT Index and ETF all the time. Except November it was always on the sell side. See the discussion here.
Marc Faber said RE in America is cheap, relatively compared to other asset classes (link here). I feel the same way, but why I never get a buy signal? After revisit the data, I realized I made a mistake.  By law REITs are supposed to pay out large portion of income. Here is an example.

Avalon Bay, a DC based luxury apartment community, has elected to be taxed as a real estate investment trust and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders.

I forgot the dividend. When reviewing the charts, I should have used the adjusted close price, but not the close price which is pure cash and ignored the accrued dividend.

Here is the revisiting of the REIT ETF REZ I used as proxy.

(insert chart)

Using adjusted close, it was actually closed right at the 10-Month MA in Oct and above that since the Nov bar. Action I am going to add REZ to my portfolio based on chart reading in the next couple weeks.