Ramona Near Top of Hot-Selling ZIP Codes in June

Ramona residents are getting plenty of new neighbors these days, as more local homes sell here than in most other 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.

“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.

Last year, the median price of a Ramona home was $302,500, about $87,000 less than what it is now. Homes were also on the market for about 87 days before they sold in June 2012, but today that's down to just 61 days.

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.

Ramona Home Sales By the Numbers
ZIP code: 92065

• Homes sold (June): 50
• Homes sold (Year to Date): 253
• Average days on market (June): 61
• Average days on market (YTD): 73
• Median price (June): $389,500
• Median price (YTD): $355,900