The median price of an O'ahu single-family home fell 2.9 percent during the first six months of the year compared to the same period in 2007, according to Prudential Locations LLC.

The real estate company said the median price was $628,500 in the January-to-June period. It said some neighborhoods, such as Pearl City-'Aiea and Manoa, registered increases in median prices.

Prudential Locations also reported that real estate transactions during the first half of the year tumbled by 26.4 percent for single-family homes. O'ahu condominium transactions were off 29 percent.

It said median O'ahu condominium prices increased slightly during the first half, up 0.3 percent from the 2007 period to $326,000. Waikiki continues to show price appreciation, up 2 percent.

"The resiliency of O'ahu's real estate market is worthy of note," said Scott Higashi, Prudential Locations' executive vice president of sales, in a press statement.

He said the increase in market inventory and the slowing economy give buyers and investors the advantage of having additional time to weigh options.

For sellers, tighter lending standards are decreasing the risk of offers falling through, he said.