“Currently, the estimates of NIM [Net International Migration = immigration minus emigration] are trending toward negative net migration. Chart from the Census Bureau:The Census Bureau had been struggling to account for the sudden and huge waves of immigration under the Biden administration that caused the Census Bureau to dramatically underreport population growth for those years. So very slow population growth, and even slower as projected, would further reduce demand in the housing market amid this surge in new supply. Lots of new supply and slow population growth may solve a lot of problems in the housing market. And consumer spending has been losing the engine of population growth.