That's rich: Rise in all-cash transactions helping drive price gains for most expensive US homes

Well-heeled home shoppers are increasingly paying cash, helping turbo-charge price gains for the most expensive U.S. homes. The median sale price of luxury homes, or those valued in the top 5% of the market nationally, hit an all-time high $1.23 million in the first quarter, an increase of 8.7% from the same period last year, according to an analysis by Redfin. By comparison, the median sale price of homes in the middle-third of the market rose 4.6%. Demand for high-end homes has held up better than less expensive properties in part because wealthy home shoppers are more likely to have the financial flexibility to bypass rising mortgage rates by paying in cash.