The median U.S. luxury home sale price rose 4.7% year over year to $1.37 million during the three months ending May 31, Redfin says. That's more than triple the 1.5% gain in non-luxury sale prices. Luxury prices are increasing largely because demand for luxury homes is on the rise. Pending sales of luxury homes rose 5.2%, compared with a 3.6% gain in non-luxury pending sales, which is deceleration from the month before. High-end homebuyers are less sensitive to affordability pressures and financial instability. Overall homebuying demand has been fairly slow because mortgage rates and home prices remain high. Ultra-wealthy Americans have the freedom to make big purchases even in uncertain times. (chris.wack@wsj.com)