April was a rough month for housing. For the first time in a year, housing starts and sales of new and existing homes declined for the monthly comparison. The weakness weighed on the year-over-year change, which slumped to an 18-month low. Given housing’s critical role for growth, the slowdown would be worrisome if other corners of the economy weren’t showing signs of strength. Nonetheless, a soft housing market isn’t easily dismissed for business-cycle analysis.
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