Home prices on Oahu are expected to cruise to a fifth straight annual record this year, after sales in September continued pushing Hawaii’s largest residential real estate market higher.

Last month the median sale price for condominiums jumped 11 percent to $425,000 from $383,250 a year earlier, while the same measure for single-family homes edged up 1 percent to $760,000 from $750,000, according to Honolulu Board of Realtors data released Friday.

No records were set in September, but the condo sale price came close, tying the previous high set in July.

“The median sales price for condominiums in September is once again the highest we’ve seen in less than a year,” Sue Ann Lee, president of the trade association, said in a statement.

With only three months left in the year, sales that are pending now will largely translate to completed transactions in the next couple of months and should produce a new peak for a market where prices have been appreciating since 2012 and breaking records since 2013.

The University of Hawaii Economic Research Organization projects that more record median sale prices for single-family homes and condos on Oahu will be set through 2020.

This year through September the median sale price for single-family homes is $757,000, up 3 percent from $732,000 in the same period last year. For condos the year-to-date median sale price is $407,000, up 5 percent from $386,000 a year earlier.

The median price is a point at which half the sales are at a higher price and half at a lower price.

UHERO last month projected that the median sale price for single-family homes will reach $791,000 next year, $821,000 in 2019 and $835,000 in 2020. For condos, UHERO projects median sale prices of $433,000 next year, $456,000 in 2019 and $472,000 in 2020.

Carl Bonham, UHERO’s executive director, said in a recent interview that supply lagging demand is a main driver of what’s happening.

“The story hasn’t changed there,” he said. “We’re not building enough homes, particularly at the middle of the price distribution.”

Other reasons include relatively low interest rates and a strong job market.

Scott Higashi, president and CEO of local residential property brokerage firm Locations, noted in a report earlier this week that people who bought a median-price home five years ago could have property that’s now worth an additional $150,000 or even more.

Higashi also noted that competition to buy homes in today’s market can be fast-paced, as half of the single-family homes sold in September spent 14 days on the market. Condos that were sold last month spent a median 19 days on the market before a seller accepted an offer, according to Honolulu Board of Realtors statistics.

“Homeowners need to be prepared to act quickly when they find the home of their choice,” Higashi said.

The number of single- family home sales rose 14 percent to 374 in September from 329 in the same month last year. There were 526 condo transactions last month, up 3 percent from 512 a year earlier.

Sales volume for the first nine months of this year is up 5 percent for single-family homes, to 2,860 from 2,723 a year earlier, and up 6 percent for condos, to 4,373 from 4,133.