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.