HONOLULU -- The median price of houses and condominiums resold on Oahu continues to slide, but may be stabilizing, according to a report by the Honolulu Board of Realtors.

Single-family homes in May fell from $585,000 in April to $550,000. The median price for a house is down $100,000 from last year.

"Single-family home sales rebounded a bit in May and the sales speed of 49 days was faster than at the same time last year. While prices were lower for single-family dwellings, the condominium median price has been holding quite steady at just over $300,000. These are just some of the signals that our housing market may be starting to return to normalcy," Honolulu Board of Realtors President Sandra Bangerter said.

The median condo price is $305,000, down about $30,000 from a year ago.

"The fact that Oahu's inventory of available properties continues to be low is the important factor that is keeping our prices more stable. Prices in some single-family home neighborhoods, like Hawaii Kai and Mililani are have decreased less than 7 percent, while prices in some condominium neighborhoods, like Kapahulu-Diamond Head, Ala Moana-Kaka'ako and Kailua, actually rose in May. In an otherwise lackluster housing market, these positives may predict a turnaround for real estate, even as the state's economic conditions continue to deteriorate," Honolulu Board of Realtors economist Harvey Shapiro said in a statement.

The number of units sold climbed from April, but is down compared to last year. There were 225 homes sold in May compared with 189 in April and 252 in May of last year. There were 263 condo resales. That is down from 382 during the same time last year and up compared to 257 last month.