The median price of a single-family home on Oahu soared to a record $719,500 last month, moving homeownership further out of reach for many Hawaii families.

November’s price trumped the previous $700,000 record in June, as sales plunged 24 percent to 225 from 296, according to data released by the Honolulu Board of Realtors. The median price climbed 5.2 percent from $684,000 in November 2013.

“Unfortunately, the inventory of homes selling for $550,000 or less has dwindled drastically,”Julie Meier, president of the Honolulu Board of Realtors, said in a press release. 

For instance, 171 of the 225 properties sold in November were priced above $550,000 and 56 of those went for $1 million or more, she said.

“As a result of the large number of relatively high-end sales, the median price rose.”

Meanwhile, the median price for a condominium rose 3.9 percent to $343,000 from $330,000 in the year-earlier period. Condo sales fell by 10.8 percent to 363 from 407.

Both single-family homes and condominiums were on the market for an average 27 days.