Sales of single-family homes and condominiums dipped in July compared to the same point a year ago, according to a monthly report by the Honolulu Board of Realtors.

The number of single-family home sales on Oahu dropped 4.5 percent to 322 from 337 in July 2015. Condominium sales declined to 444 from 501 last year, a drop of 11.4 percent.

Single-family homes stayed on the market for a median of 16 days, compared to 18 days for condominiums.

Honolulu Board of Realtors President Kalama Kim said that despite the drop in overall sales, the continued increase in prices was indicative of a “very strong” housing market.

Compared to July 2015, single-family home costs increased 5.1 percent to $746,000 from 710,000 and condominiums 14.3 percent to $400,000 from $350,000 last year.

“The drop in condo sales is typical of the cyclical nature of the real estate market,” Kim said in a release issued Saturday. “Historically we’ve seen a peak in condo resales during (early) summer, followed by a slight dip the following month.”

In June, condominium sales increased 9.8 percent to 548 from 500 in June 2015, while the median cost rose 19.6 percent to $405,500 from $338,500.

Kim said the decrease in the number of sales and corresponding increase in prices usually means that buyers are being more aggressive with their offers.

“That said, home affordability is more favorable than a decade ago because of extremely low mortgage interest rates,” Kim said.