After dipping slightly in June and July, O'ahu home prices roared back with a vengeance last month as the median price for a single-family residence leaped to a record $625,000.

Records were set in August also for the median condominium price, $282,000, and the number of condos sold, 831 units.

The real-estate boom isn't over yet, said Michael Pang, principal broker at Monarch Properties Properties Inc.

"Anything that comes on the market that's reasonably priced goes right away," Pang said. Sellers are still receiving multiple bids, and offers are still coming in above the asking prices, he said.

The median price for a single-family home was up 38.9 percent from $450,000 in August last year, according to the Honolulu Board of Realtors. The median price for a condominium climbed 35.7 percent in one year from $207,800.

"While sales growth appeared to have flattened earlier this year, the August figures show that we're back on track for another record year," said Judith Kalbrener, president of the Honolulu Board of Realtors.

The number of single-family homes sold increased by 11 percent to 455, while the 831 condominium sales represented a 14.1 percent increase. The growth in sales came amid a decline in the number of homes on the market.

There was strong demand from first-time buyers, Mainland investors, and families looking to take advantage of still relatively low interest rates. With demand high and supply tight, prices are going to rise.

August's $625,000 median price for single-family homes beat out the previous record of $610,000 set in May. The median price is the point at which half the sales are higher and half lower.

The high prices may please homeowners who are watching their equity climb, but first-time buyers are finding it more difficult to make the leap to homeownership.

David Behlke, a longtime renter, decided to purchase after his landlord told him last year that the rent on his three-bedroom Kailua home would increase by 25 percent. But Behlke, an associate professor at Kapi'olani Community College's Koa Gallery, found that a similar home in Kailua would cost at least $700,000. Behlke chose instead to go with a three-bedroom townhouse at West Loch last month.

"I couldn't afford to buy in Kailua," said Behlke, who said he will miss the scenic commute over the Pali Highway.

Harvey Shapiro, research economist for the Honolulu Board of Realtors, said the preliminary figures show that the O'ahu housing market will remain strong in September and October.

He noted the August prices largely reflect homes that were put under contract in June. That month, there were 677 homes under contract.

In July there were 680 single-family homes under contract, and last month there were 745 homes under contract, which indicates the activity for September and October will remain high, he said.

Caron Broederdorf, president and owner of Caron B Realty, said that a home she recently listed for $1.2 million received five offers within a week.

The home eventually sold for 10 percent more than what the sellers had expected, said Broederdorf, who added that her office's workload is up about 30 percent from the previous year.

"The biggest problem is finding the right product for a client," because of the limited inventory of homes on the market, she said.

Reach Rick Daysog at rdaysog@honoluluadvertiser.com.