A Dec. 1 deadline to take advantage of a federal stimulus tax credit helped spur a flurry of home sales last month on O'ahu, though prices remained soft.

November sales of previously owned single-family homes jumped 47 percent, while the surge for condominiums was 103 percent above sales during the same month last year, according to the Honolulu Board of Realtors.

To many brokers, the volume was reminiscent of a buyer's market, except that prices are not strong.

"Right now, the stars are really lined up," said Chason Ishii, president of Coldwell Banker Pacific Properties, referring to the tax credit, low interest rates and what she said was a low inventory.

Still, it remains to be seen to what extent the tax credit, which recently was extended to April, will affect the local housing market in the long run. Some economists say such stimulus programs shift the timing of planned purchases but don't generate a lot of additional sales.

Last month, there were 249 single-family homes sold compared with 170 a year earlier. The median price, which is a point at which half the sales were for more and half for less, was down 1 percent to $590,000 from $594,500.

Condo sales soared to 407 from 201 in the same period. The median price was $320,000, up 1 percent from $316,200.

November home sale volume, while higher than a year ago, was still well off the pace near the height of the market. In November 2004 and 2005, there were roughly 370 single-family homes and 620 condo sales before a significant decline in 2006.

Because the tax credit targeted first-time buyers, much of the increase was concentrated in more affordable areas of O'ahu's housing market.

For condos, the biggest increases were in the Makiki-Mo'ili'ili and Waikíkí areas. There were also big surges in Ala Moana-Kaka'ako, 'Ewa Plain-Kapolei, Waipa- hu and Pearl City.

For single-family homes, the biggest increase in sales was in Waipahu.

This year through November, the number of single-family home sales islandwide is down 9 percent at 2,318 and the median price is down 7 percent to $580,000.

Condo sales during the first 11 months of the year are down 16 percent to 3,118 and the median price is down 7 percent to $302,750.

Generally, sales have been rising since June for single-family homes and since August for condos, while median prices remain weak.

The tax credit, which allows qualifying first-time homebuyers to recover up to $8,000 on the purchase of a home, was heavily promoted by some brokerage firms. Prudential Locations offered to advance the $8,000 to buyers qualifying for the tax credit if they bought a home, and said it has advanced more than $1 million to customers under the offer.

Last month, the federal government announced it would extend the stimulus program through April for first-time homebuyers, and add a credit up to $6,500 for qualifying repeat buyers. Under the program, purchase contracts must be signed by April 30 and close by June 30.

"Never in my 40 years of working in the real estate industry has the government put forth such a generous offer to aid homebuyers," Bill Chee, Prudential Locations CEO, said in a statement. "This is an extraordinary time and I strongly encourage Hawai'i residents to consider taking advantage of this incentive."

Economic research firm IHS Global Insight predicts that the added stimulus will mainly shift buyer demand from the second half of next year to the first half of next year.

"A temporary tax credit shifts activity across time, but does not generate much new activity," the firm said.