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Who is buying million-dollar homes with cash? (This prior question was rhetorical. The answer is: the very to ultra wealthy.) And where are home prices lowering?

My home, just purchased 1.5 years ago, would be well beyond unaffordable now. How is that not insane?

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Immigrants. 95% (made up stat) may be poor but the 5% who are not, can afford to. In Canada, there is a recent narrative which I think is correct that immigrants are driving our inflation. We expanded our population of 30 million by about a million in the last year. That's a million new household formations, and some people bought a buttload of cash.

In the SF bay area people are throwing $4, 5, 6 million at houses in cash all over the place. No contingencies, 7 day closing. The high end of the market has slowed a lot, though, and houses are having to repeatedly lower prices to get bids. The market up to about $4M has not slowed noticeably, possibly because supply has slowed more quickly than demand; people are still bidding hundreds of thousands over asking.

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