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High-priced homes have become strong sellers in today’s market. And many of these sales are all-cash transactions.

After four years of declines, sales of million-dollar homes and condominiums rose last year in all 20 major metro areas, according to DataQuick Information Systems. On average, these cities saw an 18.6 percent jump in high-end home sales.

San Jose, Calif., had the biggest market for million-dollar homes, with a 27.4 percent spike in sales last year. Phoenix saw the smallest increase at just 0.4 percent, according to a CNN Money report.

“It hasn’t been a good six months for all people during the last half of 2010, but it was a good six months for rich people,” Realtor Glenn Kelman stated in the report. “When Wall Street goes up, rich people buy homes.”

An increasing number of homes — particularly luxury homes and investment properties — are being purchased with cash.

“Increases in all-cash transactions are particularly seen in the investor market and distressed home sales,” said Lawrence Yun, chief economist for the National Association of Realtors. “These go hand-in-hand. With tight credit standards, it’s not surprising to see so much activity where cash is king, and investors are taking advantage of conditions to purchase undervalued homes.”

All-cash purchases are at the highest level since NAR started measuring these purchases. In October 2008, they accounted for 15 percent of the market. The average of all-cash deals was 20 percent in 2009, rising to 28 percent last year.

Jim Woodard writes for Creators Syndicate, creators.com.