HONOLULU -- For the first time in nearly two years, the number of single-family home resales climbed above the previous year on Oahu.

There were 254 single-family homes resold in June compared to 232 last year. That is the first time that number has beaten the previous year since August 2007.

The single-family home ($569,000) and condominium ($310,000) median prices were up over May's prices, but down compared to the previous year.

"Another positive statistic was that the sales speed as the 'Days on Market' indicator was the fastest this year at 45 days for both housing categories. We don't want to seem overly optimistic, but it looks like we could be nearing the bottom of the current market slump," Honolulu Board of REALTORS President Sandra Bangerter said.

"The available inventory continues to be quite low and this appears to be the reason for the small decreases in home prices for Honolulu, compared to the sizable declines for Mainland cities," HBR research economist Harvey Shapiro said. "Recently, the mortgage rates have been rising and the lack of financing options continue to stifle the market. However, the sales data show that there are buyers in the market who are willing to purchase properties that are appropriately priced."

While there was good news, there was also some negative numbers. The number of single-family homes sold since the beginning of the year, 1,107, is down 21.7 percent compared to last year. The number of condominiums sold during the first six months of this year, 1,380, was down 36.1 percent compared to 2008.