Nearly one-third (31.4%) of U.S. home purchases were paid for with all cash in July, according to a new report from real estate brokerage Redfin.

And while high mortgage rates have brought balance to the market, this move comes at a high price for both buyers and sellers.

"The rapid climb in months of supply shows how quickly sellers lost their grip on the market as mortgage rates shot up to 6%, making homes unaffordable to many buyers," according to the report.

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