One Reason Advanced to Explain Why Housing Is a Leading

One reason advanced to explain why housing is a leading indicator is that

A) the demand for housing depends on real GDP and declines in real GDP always precede the onset of recession.
B) the demand for housing depends on the real interest rate and real interest rates generally climb as economies begin to turn down into recession.
C) the demand for housing depends at least indirectly on the prices of construction materials and those prices always accelerate during the inflationary booms that precede recessions.
D) the demand for housing depends critically on nominal GDP, which always falls during the inflation that precedes recession.
E) none of the above.