Population shifts reshaping housing markets. Out of the 20 largest metro areas with significant non-citizen populations, 14 experienced year-over-year home price declines last December. Interestingly, the handful of metros that bucked the trend—posting modest price gains—tend to be places with more lenient immigration policies. The data suggests straightforward economics at play: housing availability and affordability move with demographic flows. Whether this pattern continues depends on policy direction and how quickly labor market dynamics adjust. Worth tracking for anyone monitoring real estate as a macro indicator.