Oahu’s housing market got very close to a $1 million median home sale price in July.

The Honolulu Board of Realtors reported today that single-family houses sold for a record median $992,500 last month, a 22% increase from $815,000 a year earlier.

The record, which was $7,500 shy of the $1 million mark, represents the sixth time in seven months this year that the median price reached new highs.

Strong demand and relatively low inventory have been driving the records, and the number of sales rose 12% in July to 404 from 361 a year earlier.

In Oahu’s condominium market, where more inventory exists and prices are more affordable, the number of sales surged 58% to 671 last month from 426 a year earlier.

The median condo sale price rose 8% to $475,000 from $440,000 a year earlier and broke a 2-year-old record of $461,500 from July 2019.