That would seem possible on its face but if it were true I'd expect that having fewer people trying to buy homes would cause home prices to fall. And they very

That would seem possible on its face but if it were true I'd expect that having fewer people trying to buy homes would cause home prices to fall. And they very much have not been falling. The absolute number of houses in the US isn't shrinking so if prices are rising the number of people looking for houses is increasing or they're each willing to pay more money for the best houses or something like that.