After a big plunge in March (it's the weather, stupid), Housing Starts were expected to rebound in April... but did not! Starts dropped 2.6% in April, after March's 6.6% drop. Building Permits also tumbled 2.5% MoM - also multiple standard-deviations below expectations.

 

Single family permits dropped to 789K, the lowest since November (and multi-family is also at its lowest since Nov)

 

Starts drop for second month in a row to 1.172MM, lowest since November 2016...

 

Housing Starts are now lower than they were two years ago...

 

So this is probably transitory of course.