July's median price of $640,000 was 3 percent lower than the $660,000 median a year earlier, and returned the market to what mostly has been a picture of flattening prices this year after several years of double-digit percentage-point growth.

In June, the median single-family home resale price rose 7.2 percent from a year earlier to $685,000, a relatively modest surge that broke the previous record of $668,300 set in May 2006.

The Honolulu Board of Realtors, which released July sales data today, said the price swings over the last two months have had more to do with where homes are selling as opposed to inherent value changes.

The trade association said 55 percent of homes sold last month were in the more affordable Leeward O'ahu region, compared with 44 percent in June.

For the first seven months of the year, the median single-family home sale price is up just 1.6 percent to $645,000.

The number of single-family home sales through July is down 6.5 percent to 2,241.

Last month there were 339 sales, down 10.6 from the same month last year.

Condominium sales also are down, but the median price rose slightly to a new record.

There were 457 condo sales in July, an 8.2 percent decrease, while the median price was up 1.8 percent to $335,000.

Median condo prices have consistently risen over the last several years, and July's price was up by $1,000 over the previous high set in June at $334,000.

For the first seven months of the year, O'ahu's median condo price is $325,000, up 4.8 percent over the same period last year.

There were 3,435 condo sales this year through July, down 14.4 percent from the year-earlier period.