There's a big uptick in the number of houses being purchases for all cash, according to data from Redfin. About 31.9% of house purchases were cash in October, the firm said, compared to 29.9% in October 2021. That's the highest percentage the firm has tracked since 2014.

The push on cash purchases began to take off in early 2021, after hitting a "record low" of 20.1% in April 2020.

"Today's affluent homebuyers are motivated to pay in cash because the surge in mortgage rates makes them want to avoid loans — and the high monthly interest payments that come with them — altogether. Mortgage rates have declined in recent weeks but are still hovering above 6%," said Redfin Economics Research Lead Chen Zhao in the press release. "During the pandemic housing boom, buyers were incentivized to pay in cash because of low rates, which drove up competition and made all-cash offers an effective bargaining chip for those who could afford them."