The median price among single-family homes last month was $330,000, a dip of $25,000 from the August 1995 median of $355,000. The condominium median of $165,000 last month was $24,000 under the August 1995 median of $189,000. (The median price is the point at which half the properties sold for more and half sold for less.)

"Sales volume is picking up because there are so many values on the market," said C. Scott Bradley, president-elect of the 4,400-member trade association. "But at the same time, if they are not priced competitively they are not going to be sold this year."

House sales in August were virtually unchanged from a year earlier, with 173 existing homes changing hands compared with 175 in August 1995.

But condominium sales fell by one-third, to 141 last month from 215 a year earlier. That means that in August, single-family home sales outnumbered condominium sales for the first month in nine years of detailed record keeping by the association.

While one month alone does not show a trend, sales of single-family homes on Oahu through the first eight months of this year were up 10 percent and condominium unit sales were down 10 percent, compared with the first eight months of last year.

In the year to date, 1,159 single-family homes changed hands, up from 1,053 in the equivalent period last year. Year-to-date condominium sales of 1,365 units were down from 1,517 last year.

Michael Sklarz, director of research for Prudential Locations, said that prices of existing homes being resold on Oahu are clearly being brought lower by new developments being offered at bargain prices.

However, that is mainly true in West Oahu and prices in other parts of the island aren't under the same pressure, resulting in a two-tier structure on Oahu.

"What we have on the other side is a tightening all the way from Kahala to Hawaii Kai and to a lesser extent in Windward," Sklarz said. Properties offered for sale there are sometimes attracting several offers, he said.

"The other side is going in just the opposite direction," he said, with prices declining.

One reason for the stronger sales of single-family homes is pricing, with the unsold inventory and bargains being offered by builders of new homes keeping pressure on the resale prices of existing homes, real estate executives say.

The inventory of single-family homes at the end of August was up 8.4 percent from a year earlier, with 2,446 listed for sale in the Multiple Listing. The inventory of condominium units was down 3.5 percent with 3,767 condominium units listed for sale.

"There are over 6,000 properties (single-family and condominium) on the market and yet at the pace we're going, we can expect to sell only about 4,000 this year," Bradley said.

"So there are in excess of 2,000 properties on the market that won't sell this year."

That means owners who want to sell must keep an eye on prices in the market, Bradley said. He said one month's performance doesn't necessarily mean a trend and any time a new peak is reached, such as the strong sales of single-family homes in August, a slowdown is likely to follow.