Luxury homes have gone up 9 percent in price over the last year, vastly outstripping the growth of non-luxury sales, new analysis shows.Experts said the trend is being driven by a boom in wealthy buyers paying for homes in cash to avoid elevated high mortgage rates. The average rate on a 30-year fixed - deterring many homeowners from moving. Data from property portal shows the median sales price of a luxury US property rose to $1.1 million in the third financial quarter - while the cost of a non-luxury home climbed 3.3 percent to $340,000.
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