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Wealthy Homebuyers Flash Cash as Mortgage Rates Climb

Nearly one-third of US homes sold in July were all-cash deals, with Long Island and West Palm Beach topping the list.

Homes in Merrick, along Long Island's south shore.
Homes in Merrick, along Long Island's south shore.Photographer: Johnny Milano/Bloomberg

Wealthy US homebuyers are charging in with all-cash purchases even as the broader housing market is slowed by rising mortgage rates.

Nearly one-third of homes sold in July were paid for entirely with cash, according to real estate brokerage Redfin. That share was up compared to last year and near the eight-year high reached in February. Cash offers have been more common during the pandemic housing frenzy, which has been marked by bidding wars for the limited inventory of available homes.