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

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The number of people paying cash instead of financing has given the high-end home market a boost

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https://www.wsj.com/real-estate/cash-buyers-are-giving-the-luxury-home-market-a-major-pick-me-up-2cf26da9Deep-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 fromThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.

 

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