It wasn’t much, but a 2.6 percent rise in April extended median price increases on sales of previously owned Oahu single-family homes to six straight months.

The rise — to $600,000 last month from $585,000 a year earlier — helps further solidify what some industry observers see as a second rebound for Hawaii’s biggest residential real estate market amid a slow and bumpy economic recovery.

"We think it signals the likelihood that the bottom is clearly past," said Scott Higa­shi, executive vice president of sales for local brokerage firm Prudential Locations. "We’re starting to see some real signs of a turn for the better."

Oahu median home prices rose in 2010 after two years of declines, but last year gave back 2010’s gain. Since November, however, median prices have recovered some lost ground, and are forecast to be up for the full year.

Sales in April, data for which were released Monday by the Hono­lulu Board of Realtors, were true to the projected positive performance, but just by a little.

On a percentage-point basis, last month’s gain was dwarfed by gains ranging from 8.6 percent to 13.9 percent in the three previous months.

April’s median price also was the lowest this year. The median in January, February and March ranged from $618,900 to $625,000.

In Oahu’s condominium market the median price was up 4.6 percent to $319,000 last month from $305,000 a year earlier. Condo median prices have been more choppy this year, rising 4.8 percent in January, then dipping 1.6 percent and 1 percent in February and March, respectively.

Joe Paikai, president of the Hono­lulu Board of Realtors, said year-over-year increases in condo and single-family home prices indicate that the market is continuing to recover.

Part of the median price increases can be connected to relatively low inventory of homes for sale. There were 1,165 single-family homes on the market at the end of last month, 19 percent fewer than the 1,446 in the same month last year.

The inventory level peaked in 2008 at around 2,400, suffered a sharp downturn in 2009 and has been gradually declining since 2010.

The last time inventory was below 1,200 in any month was 2005 in the midst of the market boom.

Condo inventory totaled 1,772 at the end of April, down from 1,914 in the same month last year and recent peaks of around 3,000 in 2006 and 2008.

While relatively low inventory has put positive pressure on prices, it has also worked to keep a lid on sales. There were 217 single-family home sales last month, down 5.2 percent from 229 a year earlier. Condo sales were down 9.5 percent to 343 last month from 379 a year earlier.

Higashi said the limited selection of homes for sale has led to increased competition among buyers for property that is priced attractively. Last month about 20 percent of homes sold were bought for more than their asking price, which Higa­shi said compares with about 10 percent a year ago.

"If you have a well-priced listing, it’s going to move," he said. "There is pent-up buyer demand."

While an improving economy and low interest rates are encouraging buyers and helping drive competition, other underlying factors are hurting the market, such as restrictive lending criteria that inhibit some prospective buyers.

Another negative factor is foreclosure inventory, which puts negative pressure on prices. Foreclosure cases have been slowed by a year-old state law, but lenders still have plenty of homes on their books.

Among the sales in April was a 1,925-square-foot house in Maka­kilo where a lender completed foreclosure in October 2010. The property was listed for sale in August at $659,000 — about $2,000 more than what the home sold for new in 2007. A month later the price was reduced to $644,500. Then in January the lender tried again with a price of $599,500 and found a buyer after 20 days. The sale closed last month for $599,000.