America's housing market is a nightmare for most, but the rich are sitting pretty. As aspiring homeowners get shut out, the wealthy are snapping up properties left and right.
Properties priced over $1 million were the only category to see sales increase in June, as the wealthy bypass mortgage rate concerns with all-cash purchases.
Historically, higher-priced homes are the first to feel the hit when interest rates rise, but a buffer from high home equity and a strong stock market is shielding wealthier Americans from this impact.
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