Honolulu has regained the title as the most expensive U.S. major metropolitan area in which to buy a previously owned single-family home — a distinction the area hasn't held in 12 years.

The results from the latest National Association of Realtors quarterly report isn't necessarily something to cheer about if you're a first-time home buyer or recent transplant from the Mainland. But the top ranking reflects the relative stability of O'ahu home prices compared with Mainland metropolitan markets.

Honolulu ascended to the top spot in the fourth quarter of last year with a median home price of $610,000, meaning half the sales were for more and half were for less.

Placing a distant second was San Jose-Sunnyvale-Santa Clara, Calif., at $525,000, followed by San Francisco-Oakland-Fremont, Calif., at $487,100.

The shakeup in rankings was driven by cratering prices in the most expensive California markets. The median price in the broader San Jose and San Francisco areas fell about 37 percent in the fourth quarter (from $843,100 and $778,000, respectively, in the 2007 fourth quarter).

By comparison, Honolulu's fourth-quarter median price was down 2.4 percent from $625,300 a year earlier.

Nationally, the median price in 153 major metropolitan areas covered by the report declined 12.4 percent to $180,100.

Bill Chee, president of local residential real estate brokerage firm Prudential Locations, said the rankings show that O'ahu has weathered the housing market downturn far better than most places, despite having one of the biggest price booms — 115 percent — from 2001 to 2007.

"We've lost some (price strength), but not anywhere close to the 30 percent declines in parts of Arizona, California and other markets," he said.

This year, the median price for O'ahu homes sold through February is down 8 percent, but Chee said he believes the local market will continue to outperform most U.S. metro markets, some of which already appear to have hit bottom and are recovering.

"We think that's going to be true over the next year," he said.

The National Association of Realtors said distressed sales, foreclosures and short sales accounted for 45 percent of transactions in the fourth quarter and along with job losses and poor consumer confidence helped drag down the national median price.

O'ahu is suffering similar effects from rising unemployment, a weakened economy and a rise in foreclosures and short sales, but not enough to drag prices down as much as in most Mainland metro markets.

Historically, Honolulu has been one of the nation's most expensive housing markets.

During the first three quarters of last year, Honolulu's median home price ranked third behind the broader San Jose and San Francisco areas. In 2007 and 2006, Honolulu ranked fourth behind the same two markets and Anaheim-Santa Ana, Calif.

The last time Honolulu's median single-family home price was most expensive was the third quarter of 1997 at $315,000. San Francisco was second at $304,600. At that time, Honolulu was three years into a five-year decline in home prices. San Francisco moved to the top spot in 1997's fourth quarter at $304,600, leaving Honolulu second at $300,000.

In the condominium market, Honolulu in the fourth quarter of last year had the second most expensive median price at $315,600, down 1.4 percent from a year earlier. The highest-priced condo market was San Francisco-Oakland-Fremont, despite a 34.2 percent median price decline to $391,900. The third most expensive condo market was the New York-Wayne-White Plains area of New York and New Jersey at $292,600, down 5.9 percent from a year earlier.

Nationally, the median condo price was $186,000 in the fourth quarter, down 15.8 percent.

The National Association of Realtors condo market report covers 56 metro areas, and started in 2006.