Poway Home Sales Set the Pace; $9M Estate Gets Sold

More homes are selling in Poway than in almost any other San Diego County community, including a $9 million estate that was the most expensive listing snatched up last month, 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.

“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."

A 15,800-square foot home in Poway with five bedrooms and eight bathrooms was the most expensive San Diego County listing sold in June, according to the association which uses data from the Multiple Listing Service.

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 increase has been even larger for condos and townhomes, with a median price of $301,000 in June—a 34 percent leap from prices in June 2012. 

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.

Poway Home Sales By the Numbers
ZIP code: 92064

• Homes sold (June): 55
• Homes sold (Year to Date): 278
• Average days on market (June): 46
• Average days on market (YTD): 52
• Median price (June): $605,000
• Median price (YTD): $599,500