"Is this another real estate bubble?" For most that study the market the answer is NO. This is not a bubble. These rising prices are based on simple Supply & Demand. In San Diego, we have very few homes to choose from. At the 2007 peak there were nearly 25,000 homes for sale. Today there are less than 6,400 homes active on the market. For a city of 3+ million, that's low. The old statistic that people move on average every 7 years has now gone up to 10 years. One economist cites a major factor to the lack of inventory is Baby Boomers just aren't moving. 71% of Californian's 55+ yrs old have not moved since 1999, and 64% do not plan to move when they retire. Bottomline - Homeownership is a solid investment and if you don't currently own - do whatever you can to buy now. I'd be happy to help you. ~Norman (619) 955-0488