All cash home buying on the rise

All-cash home purchases are on the rise in the San Francisco Bay Area, as well as nationwide, according to new data from Redfin.

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 there's a need.

Mortgaged home sales are down year over year, per the report. Lack of affordability has pushed would-be first-time buyers to the sidelines.