Average and median prices of existing San...

Average and median prices of existing San Diego area houses continued to level off in November, a sign that the overheated local housing market of earlier this year is cooling off.

According to a survey of its members by the San Diego Board of Realtors, the average November price of a resold home in the San Diego metropolitan area was $209,467, a 9% increase from the $191,649 average price in November, 1988. Since April, however, when the record average price of $217,802 was set, the average price has essentially remained flat.

The November median price, or price at which half of all existing homes sold for a higher price and half for less, was $178,500. Since April, median resale prices have fluctuated between $175,000 and $180,000. The San Diego board includes member brokers in San Diego, La Mesa, Chula Vista and El Cajon.

The current interest rate on fixed-rate, 30-year mortgages is about 9.75%, said Rick McGill, residential lending manager at Great American Bank, down about a quarter percentage point from October. The drop has not sparked a discernible increase in loan demand however, he said.