Prices hovered at or near records for the month, but the number of sales was down 24.5 percent for single-family homes, and down 22.3 percent for condominiums, according to figures released by the Honolulu Board of Realtors.

The sales declines were the biggest of last year despite inventory that was up 30 percent for condos and 47 percent for single family homes.

Bill Chee, president of Prudential Locations, said the significant sales decline should reduce pressure that has pushed prices up nearly 30 percent last year, and aid an ongoing transition from a seller's market to a buyer's market.

However, prices are not expected to drop this year, according to Chee and local economists who forecast a 2006 median price gain between 5 percent and 20 percent.

The median price for single-family homes sold last month was $610,000, which was down from a record $640,500 in November and the lowest median since $599,000 in July. In December 2004, the median was $495,000.

The median condo sale price last month was $305,000, unchanged from the record set in November but up from $217,000 a year earlier.

Chee said the rise in inventory, fall in sales and little change in median prices indicate that more buyers are unwilling to pay high asking prices.

For the year, the median price was $590,000 for single-family homes, and $269,000 for condos, respective gains of 28 percent and 29 percent from 2004.

The number of sales was down 1.8 percent for single-family homes to 4,617, and up 1.3 percent for condos to 7,990. Combined, there were 17 more home sales in 2005 than 2004.

"After more than eight years of explosive sales growth, current sales activities indicate a shift to a more sustainable sales rate," said Harvey Shapiro, research economist for the Honolulu Board of Realtors, in a news release. "Price pressure should continue, however, even though the listing inventory has had sizable increases."