Oahu’s housing market set two price records in March even as it felt a little drag from slightly fewer sales.

One of the records was a million-dollar milestone: The average sale price for single-family homes topped $1 million for the first time.

The other record was more of a recurring one in recent months: The median sale price for condominiums reached a new high: $435,000. That represented a 9 percent gain from $400,000 in March 2017. The prior record was $430,000 in January, which followed three previous highs set last year in April, July and September.

The record prices were in a report released Friday by the Honolulu Board of Realtors that also showed sale volume flagged a bit last month.

There was a 1 percent slip in single-family home sales — 305 last month compared with 309 a year earlier — and a 2 percent dip in condo sales to 485 compared with 495 in the same period.

Some brokers attribute at least part of the sluggish sales to relatively low inventory, though others also have said rising prices and interest rates are making it more difficult for buyers to purchase homes in one of the country’s most expensive markets.

Relatively tight inventory also can put pressure on buyers to pay more in cases where they are competing to make a purchase. Darryl Macha, president of the trade association representing real estate agents on Oahu, said in a statement that limited inventory contributed to the condo median price rise last month.

Macha also said 20 luxury condo sales in March helped push the median price higher.

More sales at the high end of the market can pull up the median price, which is a point at which half the sales are for more and half for less.

Suzie Hayter, an agent with Berkshire Hathaway HomeServices Hawaii specializing in luxury properties, said new high-end condo buildings that opened last year have increased the supply of million-dollar units that some owners are reselling.

Among those new buildings are Park Lane at Ala Moana Center and Anaha in Kakaako. “That made a big impression,” Hayter said. “Now we’re seeing the resales.”

The Honolulu Board of Realtors report counts only sales of previously owned homes, so the first sale of a new home by a developer isn’t reflected in its report. But if the initial buyer sells their unit, then that becomes a resale included in the report.

For single-family homes the median sale price barely budged last month, ticking up 1 percent to $760,000 from $752,000 a year earlier. However, the average sale price for single-family homes sold in March hit $1,002,305. That was the first time the figure topped $1 million, though it has come close a few times in recent years, including $966,533 in September, $972,357 in June 2016 and $985,910 in March 2015.

Average prices are viewed as a less meaningful measurement of the housing market because a bunch of sales at the high or low end of the market can sway the average considerably more than the median.