Some reports on falling prices in Hawaii. "Some 332 single-family homes and 584 Oahu condominiums changed hands last month, compared to 418 single-family hones and 754 condominiums a year earlier, according to statistics released yesterday by the Honolulu Board of Realtors."

"The significant drop in sales transactions also has been linked to the 5 percent or so drop last month in median prices for both houses and condos. Oahu's median single-family home price fell to $615,000 in April from $650,000 in March. Condominium prices fell to $296,500 in April from $312,000 in March."

"For the full year, prices are expected to increase between 10 percent to 15 percent, said Harvey Shapiro, economist at the Board of Realtors. 'We're still on our way up,' Shapiro said, though an increase in the number of homes for sale combined with a rise in prices and interest rates is expected to create further slowdown in the marketplace."

"Last month, 1,644 single-family homes were on the market, more than double the 814 that were listed in April 2005. The number of condominiums that were on the market last month, 2,278, was nearly 2.5 times the inventory recorded during the same period last year."

"'The market is a supply and demand model and right now supply is expanding but demand is not,' Shapiro said."

"Some in Honolulu's real estate industry blame April's dampening in home sales on the rain. While weather could have played a factor in the market last month, it's unlikely that it could have been responsible for such dramatic fluctuation, said (broker) William S. Chee. 'I've never heard anyone here blame the real estate market on the weather, that sounds like something you'd hear from a much colder climate,' Chee said."

"Honolulu's residential real estate market has been cooling since last October, he said, and sales are expected to continue softening with prices appreciating at a slower pace.'

"Experts say home buyers are finally gaining an edge. The saying goes that patience is a virtue, and for home buyers, patience may finally be paying off. 'You can't just put anything at all on the home and ask any price you want to like you could a couple years ago,' says Mary Flood, Honolulu Board of Realtors president."

"A property in Makiki Heights has been on the market for five months. The owners, who live in Virginia, were originally asking for $1.2 million. The price today for the four-bedroom, three-bath property is $988,000. Industry insiders say there's plenty to choose from, especially new condo projects."