Data: Redfin; Note: Includes home purchases with no mortgage loan information on the deed. National data calculated from 40 of the most populous U.S. metro areas; Chart: Axios Visuals
More than 40% of Metro Detroit homes bought in February were all-cash purchases, according to Redfin.
That's up 3 percentage points from last year.
Why it matters: Rich people can adapt to this pricey market more easily than typical buyers needing a loan.
What they're saying: Those winning in this economy treat homes like savings accounts, Redfin chief economist Daryl Fairweather says. It's a relatively safe place to store your cash, and you can always borrow against the home if you need to tap into it.