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I live in the city/Chicago loop. I started look at houses in March hoping to find a nice deal (desperate seller/builder). So far the search has not been going well - very limited supply of new houses and didn't really see any price depreciation.
I think the first wave was people with money really trying to leave the city asap. Now I start to see some minor price drops and houses that are coming back on the market after being in pending status. I guess
with tighter lending standards the 1M+ space is feeling some price pressure. People who were pre-approved for jumbo loans are no longer able to get them...
On the other hand, the 400-500k market is doing extremely well - with rates so low people can buy a house vs paying rent. My uncle is a builder in this price range and he already sold 3 houses this year and is finishing 3 more... He said there is a lot of interest and he is raising prices as rates are dropping.
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