Still, median prices remained lofty, setting a record for condominiums and staying close to a record and well above year-ago levels for single-family homes.

The median price, which means half the sales were for more and half for less, was $270,000 for condos, up 24 percent from $217,000 a year ago and higher than the $265,000 record set in May.

The single-family home median price was $599,000, up 25 percent from $480,000 a year ago but shy of the $610,000 record set in May.

Sales volume was down 12 percent for condos to 684, compared with 776 in July 2004. The number of single-family home sales was down 11 percent to 418, compared with 467 a year earlier.

The declines represented the biggest drops in the number of transactions all year.

The Honolulu Board of Realtors, which released the data for previously owned homes sold last month, said low inventory was the primary reason for both the slowing sales and high prices.

"Sales continue to be stifled by the lack of available inventory," said Judith Kalbrener, board president.

Harvey Shapiro, board economist, said it appears that the sales growth trend begun in July 1997 may be coming to an end, though prices are expected to maintain their high levels.

Reach Andrew Gomes at agomes@honoluluadvertiser.com or 525-8065.