Carmel Valley Median Home Price Tops $1M; Popular with Homebuyers

Carmel Valley was one of the most popular destinations for homebuyers in June, landing among the top three hottest-selling San Diego County communities, according to the latest real estate data.

Sixty previously owned homes sold in Rancho Bernardo's 92128 ZIP code in June, the highest tally among San Diego County areas, according to the Greater San Diego Association of Realtors. Poway came in second, with 55 homes sold in the 92064 ZIP code, Carmel Valley in third with 53 sold and Ramona in fourth with 50.

Twenty-one homes were sold in Del Mar last month.

“There is inventory on the market—we see new inventory every day,” said Linda Lee, the association's board president, in a statement. “But most homes, especially the ones priced appropriately, aren’t on the market for very long."

The median price of existing homes increased by 3 percent to $481,000 in June, a jump of more than 23 percent from a year ago. Through the first half of 2013, prices are up nearly 20 percent from this time last year.

The median price of Carmel Valley homes has gone from $940,000 this time last year, to just over $1 million now. In Del Mar the increase has been greater, with a rise from $1.35 million to $1.7 million in June of this year.

San Diego County condo and townhome prices have also seen a significant increase over the past year, leaping 34 percent from June last year to this summer's median price of $301,000.

Could this be a bubble?

While Lee gave a definitive 'no'—"We are not headed toward another housing bubble," she said—others aren't so sure about nationwide trends.

"The home price growth is too fast, and only additional supply from new homebuilding can moderate future price growth," said Lawrence Yun, the chief economist for the National Association of Realtors, in a CNN Money article last month.

Lee pushed back against fears that the rapidly rising prices are a sign of bubble by pointing to the types of buyers snatching up homes now: all cash or creditworthy.

"There’s a great deal of cash buyers purchasing homes and everyone else is well qualified," Lee said. "The banks continue to be very careful about who they’re lending money to and that’s a significant change.”

Gary Thomas, the president of the National Association of Realtors, seems to agree.

"The boom period was marked by easy credit and overbuilding, but today we have tight mortgage credit and widespread shortages of homes for sale," he told CNN Money.

Del Mar-Carmel Valley Home Sales By the Numbers
ZIP code: 92130 (Carmel Valley)

• Homes sold (June): 53
• Homes sold (Year to Date): 290
• Average days on market (June): 28
• Average days on market (YTD): 38
• Median price (June): $1,025,000
• Median price (YTD): $989,000

• Homes sold (June): 21
• Homes sold (Year to Date): 88
• Average days on market (June): 46
• Average days on market (YTD): 63
• Median price (June): $1,700,000
• Median price (YTD): $1,447,500