Low interest rates and a higher inventory of homes on the market helped produce more sales of previously owned housing on Oahu last month.

Buyers also generally acquired more expensive condominiums and slightly less expensive single-family houses in October compared with the same month last year.

These were the broad trends in a report on Oahu’s housing market released Wednesday by the Honolulu Board of Realtors.

Jenny Brady, president of the trade association for real estate agents on the island, characterized the activity last month as “healthy” and exhibiting conditions that point toward a balanced market for buyers and sellers.

The number of single-family home sales last month rose 12% to 347 compared with 309 a year earlier.

Condo sale volume increased nearly 7% to 472 from 443 in the same period.

The median price paid for single-family homes in October was $780,000. That was down almost 3% from $800,000 at the same time last year.

Condos sold for a median $441,000 last month, up 13% from $390,000 a year earlier.

The median price is a point at which half the sales were for more and half for less. Sales represent transactions that closed in October but typically were arranged through contracts signed one to three months earlier.

John Connelley, principal broker at Honolulu-based residential real estate firm Locations, said in a report from his company that low mortgage interest rates and pent-up demand from buyers helped push up sales.

“As we anticipated, competitive market conditions have been ramping back up for a few months now,” he said in the report.

October marked a fourth consecutive month with more single-family home sales compared with the same time last year. That contrasts with declines in five of the first six months this year. Through October, the number of single-family home sales is 2% higher — 3,121 compared with 3,062 for the first 10 months of last year.

Oahu’s condo market this year through October has been weaker, with nearly 6% fewer sales — 4,546 through October compared with 4,810 for the same period last year.

Interest rates have helped make home purchases more attractive in recent months. Since June, the average rate on a 30-year fixed-rate mortgage has been between 3.6% and 3.8% compared with 4.5% and 4.8% during the same period last year and 4% to 4.5% this year through May, according to mortgage investment firm Freddie Mac.

The number of homes listed for sale also has helped support more purchases. Monthly listings of single-family homes have roughly ranged from 1,400 to 1,600 this year through October. That compares with roughly 1,100 to 1,400 in the same period last year, Honolulu Board of Realtors data shows.

Condo inventory also has been higher this year, ranging from about 2,300 to 2,400 through October compared with 1,900 to 2,100 in the same period last year.

“The market’s active listings continue to be at positive levels over 2018,” the trade association said in its report.

HOME SALES

The number of homes sold on Oahu in October with the median price and percentage change from the same month last year.

HOMES

SALES / MEDIAN PRICE

2019 347 $780,000

2018 309 $800,000

Change 12.3% -2.5%

CONDOS

SALES / MEDIAN PRICE

2019 472 $441,000

2018 443 $390,000

Change 6.5% 13.1%

Source: Honolulu Board of Realtors