WASHINGTON — Vice President JD Vance offered his take on the recent cooling of the U.S. housing market, pointing to a surprising demographic factor.

“Why has housing leveled off over the past six months? I really believe the main driver is that you’ve had negative net migration into the United States for the first time in 60 years,” Vance said in a recent statement.

The Vice President’s remarks reflect growing concerns over the housing sector, which has shown signs of stagnation after years of surging prices and limited supply. Economists have attributed the slowdown to factors such as high mortgage rates, affordability challenges, and shifts in demand — though Vance highlighted migration as a key underlying trend.

If accurate, this would mark the first period in six decades where more people are leaving the U.S. than entering, potentially reshaping demand for housing across major metropolitan areas.

Housing analysts, however, caution that the picture is more complex, citing interest rates and new housing supply as significant drivers. Still, Vance’s comments signal that immigration and demographic patterns will remain central to the administration’s economic discussions.