Mortgage Rates Hurt the Housing Market. It’s Been a Different Story for Million-Dollar Homes

Deep-pocketed home buyers who are paying cash to avoid rising mortgage rates are propping up the housing market, as high rates keep many borrowers on the sidelines. 

Prices, sales and inventory of luxury homes—defined as the top 5% of the market—are all outpacing the overall housing market, a shift from late 2021 when wealthy buyers began tapping the brakes, according to real-estate brokerage Redfin.