According to a WSJ.com article, some sellers are cutting prices on their luxury homes . Since this sector has been the target of new development for several years, it follows that the luxury market would see less of a “froth” than the balance. Unfortunately for developers, the luxury sector sees the highest margins.
Anecdotally, I think that media coverage of high end sales has probably induced sellers to out price the market. In other words, list prices saw greater appreciation than sales prices. I would expect to see an increase in negotiability and an expansion in marketing times in this sector until supply is absorbed.
However, I don’t hold out much hope for that as mortgage rates saw steady gains  over the past 6 weeks.