Oahu prices level, sales down

The Star Bulletin reports that sales have plunged on Oahu but prices are still level:

As prices continued to rise, the number of sales of both single-family homes and condominiums dropped. The number of houses sold fell 22.8 percent to 351 in August from the year-earlier 455. Condominium sales also declined 30.2 percent to 580 last month from the 831 in August of 2005.

Something's going to give; there's a house on our street that's been on the market for 7 months now. Last year, that house would have been snapped up in a week. How long until sellers start slashing prices?