Armchair economist here and more familiar with the situation in Europe. The US has the highest interest rates among all developed economies (since December last year) so I assume that is starting to feel into the housing markets.

The FED seems ready to drop rates at the first signs of economic bad news and consensus is that it will this year. Party will go on until inflation skyrockets, no idea when though but I doubt it's too soon. (not before elections)

declining by what magnitude? In Cali it's more like they've been oscillating around an upward trend.

10% down in Texas metro cities. Considering buying a house, but may wait for complete recession to hit first

We're in preparation to move to SoCal so we've been watching prices for the last year. The trend has definitely been downward for housing in our price range.

It's flat where I live (south Orange county, California) for homes in the $500k-$1M mark. Newer development has stickier prices than older homes. However, there's a lot of local business development happening and, in the case of a single organization that I am aware of, many high-paying jobs are moving into the immediate area in the next 18-24 months. That single organization is stated to be investing over a billion in this new facility alone. It'll be very interesting to see what this does to the local market.