Published October 7, 2026 in Market Update

More choice has arrived in Carmel and Pebble Beach

By Monique Kaldy

Real estate, Carmel/Pebble Beach

Buyers in Carmel and Pebble Beach now have more homes to compare. That means sellers need to price carefully. The Real Estate Data Aggregator counted 114 homes for sale and only 73 sold in the three months ending August 31, 2026. At the same time, CNBC reported mortgage rates above 7.5%, the highest level in three years. Buyers are moving, but they are moving more slowly.

What the rate environment means here

Realtor.com reported that mortgage rates topped 7% for the first time since January 2025 in September 2026. Zillow put the month-end rate at 7.28%, the highest reading since November 2023. Rates at that level slow decisions. Buyers qualify for less and compare more before they write an offer.

Carmel, ZIP 93923: more inventory, fewer closings

ZIP 93923 covers unincorporated Carmel, Carmel-by-the-Sea, and surrounding areas. The Real Estate Data Aggregator counted 68 homes sold there in the three months ending August 31, 2026. That is down 15% from the same period in 2025. Homes for sale rose 22.5% year over year to 109. Supply climbed to 4.9 months, up 1.5 months from a year before. More choice for buyers, more competition for sellers.

The median sale price in ZIP 93923 rose 20.3% year over year to $2,262,500, according to the Real Estate Data Aggregator. That is a meaningful gain. But homes that sold above list price fell slightly. The Real Estate Data Aggregator put that share at 7.4%, down 0.1 points from a year before. Prices held, but bidding wars did not.

The share of homes going under contract within two weeks of listing dropped 7.6 points year over year to 20.8%, per the Real Estate Data Aggregator. That tells you buyers are taking longer to decide. Homes that are priced well still move. The ones that are not are staying on the market.

Pebble Beach, ZIP 93921: a small but active market

Pebble Beach trades in smaller numbers, and each sale moves the data more. The Real Estate Data Aggregator counted 5 homes sold in ZIP 93921 in the three months ending August 31, 2026. The median sale price was $3,292,500. Homes for sale also numbered 5, and months of supply sat at 3.1. That is a tighter balance than ZIP 93923.

The median days on market in Pebble Beach was 53, per the Real Estate Data Aggregator. No home sold above list price in this period. The average sale closed at 94.2% of list price. One in five homes went under contract within two weeks. The market is selective, not stalled.

New listings kept coming

The Real Estate Data Aggregator counted 105 new listings across both ZIP codes in the three months ending August 31, 2026. In ZIP 93923 alone, new listings rose 14.1% year over year to 97. More sellers brought homes to market even as buyers slowed down. That combination is what pushed inventory higher.

Pending sales point to what comes next

Pending sales are a leading signal. Across both ZIP codes, the Real Estate Data Aggregator counted 77 pending sales in the three months ending August 31, 2026. In ZIP 93923 alone, pending sales fell 11.1% year over year to 72. Zillow's national nowcast reported that newly pending sales fell 8.5% year over year, a leading indicator of future closings. The local trend and the national trend are pointing the same direction.

What this means for homeowners

Buyers here are not disappearing. Seventy-seven pending sales in one quarter shows real demand. But with 114 homes for sale and rates above 7%, buyers are comparing more carefully. A home priced at the right number is still selling. The Real Estate Data Aggregator shows the median in ZIP 93923 closed at 96% of list price. That is a healthy result, but it leaves little room for wishful pricing.

One more note for anyone considering changes to a home: water availability and use are limited on the Monterey Peninsula. Buyers must independently research water availability for any planned change to a property, including additions or new fixtures. Verify by address before making any assumptions.