O'ahu's median single-family home resale price was fourth highest of 149 major metropolitan areas during the second quarter, according to the National Association of Realtors.

Topping O'ahu's $665,000 median were three areas in California led by the San Jose/Sunnyvale/Santa Clara region where the median was $865,000.

O'ahu's ranking was unchanged from the first quarter and the 2006 second quarter despite a modest 3.9 percent rise in the second-quarter median from $640,000 a year earlier.

In the last few years, O'ahu's median price growth roughly ranged from 10 percent to 30 percent, but since late last year, appreciation has cooled significantly to a near-flat level.

O'ahu was one of 97 metro areas in the NRA report to post a price gain. Price declines occurred in 50 markets. The collective median for all markets surveyed was $223,800, off 1.5 percent from $227,100 a year earlier.

Lawrence Yun, senior economist for the NAR, said the price trend was encouraging. "Although home prices are relatively flat, more metro areas are showing price gains with general improvement since bottoming-out in the fourth quarter of 2006," he said. The NAR said home sales have declined in many high-cost markets and risen in some lower-cost markets.

O'ahu home sales during the second quarter fell 3.4 percent to 1,037 from a year earlier, according to the Honolulu Board of Realtors.

Earlier this week, www.Zillow.com estimated Honolulu's second-quarter median single-family home value was the second highest out of 66 U.S. metro areas.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.