Half of all single-family dwellings on the Island sold for more than $505,000 in January, a 26.3 percent rise over the $400,000 median a year earlier, according to Honolulu Board of Realtors data released today.

Realtor board president Judith Kalbrener called the results a "robust start," though the volume of single-family homes sold last month dropped 2.6 percent to 333, compared with 342 in January 2004.

Condominium sales were up 2.2 percent to 570 last month, compared with 558 a year earlier. The median condo sale price was $224,000, which was less than the $229,300 record in November but up from $187,000 in January 2004.

Looking at the combined single-family and condo market, sales were relatively flat, which is what Realtor association research economist Harvey Shapiro expects will be the trend this year. Prices, however, will continue to rise, he predicted.

Shapiro noted that interest rates will most likely rise this year, which could affect sales, though he said if rates remain below 6 percent there should be "minimal" impact.

Average rates on a 30-year mortgage offered by Hawai'i lenders have hovered around 5.5 percent during the last several months, after edging over 6 percent in the middle of last year.

The January sales data represents transactions completed last month on sales agreements struck typically two to four months earlier. Sales of new homes are not included.