Sale prices for O'ahu existing single-family homes and condominiums last month surprisingly surged to near-records after four months of weakness.

The median single-family home-resale price in April was $665,000, an 8.1 percent rise from a year earlier and the second-highest price since the peak of $668,300 in May 2006, according to the Honolulu Board of Realtors.

The median condo price was $325,000, up 9.6 percent from a year earlier and the second-highest price since the July 2006 record of $329,000.

"The prices have been bouncing around, but right now it's strong," said Harvey Shapiro, research economist for the Board of Realtors. "All in all, it looks like the market softness may be withering and that the stabilization process could be coming to a conclusion."

In November, the year-over-year median price for single-family homes fell for the first time in more than five years, and through March had been up or down no more than 2 percent in a flattening trend.

"There continues to be a sizeable demand for O'ahu housing, enough to not only maintain but to push prices higher," Shapiro said.

Sales volume was up for single-family homes by 3 percent to 342 units. Condo sales dropped by 9.8 percent to 527 units.

"The market seems to have finished adjusting," Shapiro added. "It may be premature to say that, but (sales) were dropping drastically. It seems the decline in sales is tailing off."

Berton Hamamoto, president of Property Profiles Inc. and the Board of Realtors, said it may be significant that there was a sharp drop last month in the median number of days single-family homes spent on the market before selling — 45 days, which was down from 65 days in March and a recent peak of 70 in February. Sales haven't been as quick since July 2006 when homes took a median 43 days to sell.

Condos spent a median 38 days on the market before selling last month, down from 40 in March and a recent high of 59 in February.

Inventory, however, rose last month for single-family homes after falling for four months. There were 1,726 single-family homes on the market in April. That was 12 more than in March and 82 more than April 2006, but still below the nine-year peak of 2,052 in November.

Condo inventory last month totaled 2,301, or 63 more than March and 23 more than April 2006. Condo inventory was at a nine-year peak of 2,750 in September.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.