Rise in all-cash transactions turbocharge price gains for luxury homes

Well-heeled home shoppers are increasingly paying cash, helping turbocharge price gains for the most expensive U.S. homes.The median sale price of luxury homes — 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. That's almost twice the increase seen in non-luxury homes. For homes valued in the middle-third of the market, the median sale price rose 4.

That's the highest share of all-cash luxury home purchases in at least a decade and it's up from 44.1% from a year earlier.Prices for the most expensive homes have kept climbing even as the inventory of high-end properties has increased sharply this year. All told, the number of luxury homes on the market jumped 12.6% in the first quarter compared to a year earlier, while new listings surged nearly 19%, Redfin said.

Source: Real Estate Daily Report (realestatedailyreport.net)

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