The bench mark for prices in the US is the San Francisco Market at this time...
http://www.marketwat...down-2016-04-15
Redfin noted that the average sales price for luxury homes in San Francisco (which Redfin defined as the top 5% of home prices in a given quarter and worth more than $1 million) fell 4.7% in the first quarter of 2016 to $4.4 million, down from about $4.6 million a year ago
The bench mark for International is Hong Kong, they are about 6 mos ahead of us, their market topped in Sept 2015 ....
http://www.bloomberg...is-in-free-fall
Hong Kong property prices have declined and sales are hovering near a 25-year low as the city grapples with the repercussions of a slowing Chinese economy. Home prices have dropped about 13 percent from a peak in September, according to data compiled by Centaline Property Agency Ltd.
Today we have reports of record sales, but prices topped in April
The way this works is we have sellers entering the market now, as they sense the market has topped as prices decline... so we get a bump in sales as buyers scoop up perceived "bargains" - many of whom have shopped and been frustrated by losing deals to multiple offers in the old "seller's" market.
Now as we see the prices slide, the VOLUME WILL DRY UP - as buyers wait and let prices continue to unravel and we evolve into a BUYER'S MARKET.
Prices will drop some more, there will be a bump in volume as prices drop, but that will dry up
Sellers will slash prices, and then volume dries up completely as buyers fear another 2006-2008.
And they should, because it's well on it's way.