"As we come into summer months, residential sales are historically strong — and this year is no different," said Harvey Shapiro, research economist for the Honolulu Board of Realtors. "When we couple expanded sales with our limited inventory and inexpensive financing costs, prices are necessarily forced upward."

The $481,800 median price, which means half the homes sold for more and half for less, was up from $445,000 in May, and $388,500 in June 2003. In January the median was $400,000. Sales volume of single-family homes was 434, up from 410 in June 2003.

Condominium prices rose less steeply, reaching a median of $210,000 last month, up from $195,000 in May, and $179,500 in June 2003. In January the median condo price was $187,000. Condo sales last month totaled 682, up from 537 in June 2003.