But even with the loftiest price tags in history, homes continue to sell at a faster pace than last year.

More homes sold by the end of November this year than in all of 2003.

Last month, 375 single-family homes sold, up 2.7 percent from a year earlier. For condos, there were 628 sales last month, up 13.2 percent from November 2003.

The idea that rising interest rates might slow the housing market and lead to lower prices hasn't panned out. After two months of declines in sales volume in July and August, the volume picked up again in October and November.

The result is a $1.1 billion gain in total value of homes sold over the past 11 months. That means sales totaled $4.3 billion this year versus $3.2 billion in the same period last year.

"This is an exciting time for O'ahu's real estate industry," said Judith Kalbrener, president of the Honolulu Board of Realtors, which released the November resale data yesterday.

For sure, rising prices have made for exciting times if you're a seller. But buyers have found themselves paying more and more in the hot market.

Jon Pyzel, a surfboard shaper on the North Shore, said he and his wife had almost given up on buying a home because prices have risen so high, but then their landlord agreed to sell them the house they had been renting for seven years near Sunset Beach.

"It was something we had kind of given up on," said Pyzel, who completed the purchase in late October. "We got lucky. Our landlord was a generous guy. We're stoked."

Home prices on O'ahu, which have risen modestly for several years, have appreciated much more dramatically this year.

For single-family homes, the median price in 12 months is up nearly $100,000, compared with about $50,000 or less each year since the late 1990s. Last month's $490,000 median was up $5,000 from October.

For condos, the 12-month increase was about $50,000, compared with less than $25,000 annually since the late 1990s. November's median of $229,300 was up $11,300 from October.

Harvey Shapiro, research economist for the Honolulu Board of Realtors, said he expects sales to remain strong through the end of the year, especially because mortgage rates remain relatively low.

"Short-term interest rates continue to rise ... but long-term financing costs remain favorable," Shapiro said.

This year through November, 4,285 single-family homes and 7,187 condos have sold, representing respective increases of 6.1 percent and 13.6 percent.

The median sales price over the 11 months is $459,000 for single-family homes, and it's $206,000 for condos.