From Fortune:

Redfin found that luxury home prices rose twice as fast as non-luxury homes at the end of last year, with many affluent buyers unconcerned about high mortgage rates. Over 46% of luxury homes in the fourth quarter were bought with all cash. The mean price of a luxury home was $1.17 million, up 8.8%. Overall, supply of luxury homes is still lower than pre-pandemic levelsRedfin finds that although the supply of luxury homes to the market has surged from a year earlier, it remains well below pre-pandemic levels, causing competition among wealthy buyers over a limited number of homes. High mortgage rates did not have much of an effect on luxury home sales. Luxury homes also saw significant price growth with the median sale price of luxury homes rising the most in Newark and New Brunswick, New Jersey, and Orlando, Florida. The most expensive home sales in the fourth quarter were in Miami, New York and Aspen, Colorado, with transactions ranging from $34 million to $79 million.



Read more: All-cash bids are pushing luxury home prices to all-time highs