Oahu’s new construction market in February 2026 is steady but shifting. Ho’opili remains the island’s largest active development with multiple neighborhoods selling simultaneously. Koa Ridge is pushing affordable housing with its Ke’olu condos. Ka’ulu by Gentry is approaching final completion. And Ward Village’s luxury condo pipeline continues with Kalae deliveries expected this year. Here’s everything happening right now.
and statuses below reflect the market as reported in mid-February 2026 and are
preserved as a historical snapshot. For current data see the
Hoʻopili pricing guide and the
complete Oʻahu new construction guide,
both updated July 2026. The next report in this series is the
March 2026 report.
TL;DR — February 2026 at a Glance
- Oahu median home price: $1,126,000 (flat YoY, January 2026 data)
- Oahu median condo price: $529,000 (down 1.9% YoY)
- Ho’opili: 5+ neighborhoods actively selling — Alana, Kapili, Ikena, Kanalani, Molehu
- Koa Ridge: Ke’olu affordable condos now available (ground-floor units released)
- Ka’ulu: Nearing full buildout — expected completion late 2026
- Ward Village: Kalae tower completing 2026; Māhana (final tower) sales expected 2026
- Kuilei Place: 1,005-unit affordable project in Moʻiliʻili on track for mid-2026 completion
- Skyline Rail: Phase 3 construction underway downtown; full completion by 2031
Oahu Market Snapshot: January 2026
Before diving into new construction, here’s where the broader market stands based on January 2026 data from the Honolulu Board of Realtors:
| Metric | January 2026 | Year-Over-Year Change |
|---|---|---|
| SF Home Median Price | $1,126,000 | Flat (0%) |
| Condo Median Price | $529,000 | Down 1.9% |
| SF Home Sales | Down ~1% | Muted start |
| Condo Sales | 297 units | Down 4.8% |
| 30-Year Mortgage Rate | ~6.8% | Stable |
The Star-Advertiser called January’s market “muted” — a typical slow start. For new construction buyers, this means less competition at model homes and potentially more negotiating power on inventory units.
What this means for new construction buyers: D.R. Horton was offering closing cost incentives on select Alana and Kapili inventory homes contracted by late 2025 with closings by February 27, 2026. Watch for similar incentive programs as builders move inventory.
Hoʻopili — Oʻahu’s Largest Active Development
Developer: D.R. Horton Hawaii | Location: Ewa Beach / East Kapolei | Total Homes: 11,750 planned
Ho’opili continues to be Oahu’s biggest new construction story with multiple neighborhoods at various stages. Here’s what’s active in February 2026:
Currently Selling
| Neighborhood | Home Type | Price Range | Status |
|---|---|---|---|
| Alana | Townhomes & FLEX homes | From ~$600K+ | Now Selling |
| Kapili at Pohaku Estates | Single-family | From $622K+ | Now Selling |
| Ikena | Single-family | $940K–$1.1M+ | Now Selling |
| Kanalani | Single-family | Mid $800Ks+ | Now Selling |
| Molehu at Pohaku Estates | Single-family | From ~$887K | Now Selling |
| Kohina | Townhomes & FLEX | $300K–$700K+ | Limited inventory |
What’s Notable This Month
- Alana features D.R. Horton’s popular FLEX homes — live/work units with ground-floor commercial space. These are unique on Oahu and attract buyers who want to run a home business.
- Kapili pricing starts at $622K+ for single-family homes at Ho’opili’s Pohaku Estates — the most affordable single-family option in the development right now.
- Molehu at Pohaku Estates had its latest release in November 2024 starting around $887,000. Resale activity is picking up here.
- Ikena and Kanalani represent Ho’opili’s premium single-family offerings with larger lots and higher-end finishes.
Recently Sold Out
Iliahi, Mamaka, and earlier phases of Kohina are sold out. Resales in these neighborhoods appear regularly on the MLS, typically listing 5-15% above original purchase prices.
Coming Soon
Watch for Liko — expected to feature floor plans similar to the popular A’ulu homes with contemporary exterior styling matching Olena. Pricing and floor plans have not yet been released.
Koa Ridge — Central Oʻahu’s Master-Planned Community
Developer: Castle & Cooke | Location: Waipio | Total Homes: 3,000+ planned
Ke’olu: Affordable Condos Now Available
The big news at Koa Ridge is Ke’olu, the newest affordable condominium townhome collection. Castle & Cooke recently released additional ground-floor units — the most sought-after configuration.
| Detail | Info |
|---|---|
| Unit types | 1, 2, and 3-bedroom condos |
| Size range | 565–896 sq ft |
| Price | Affordable pricing (income-qualified) |
| Status | Now selling — ground-floor units available |
Koa Ridge’s other neighborhoods — Nanea, Waioha, Walea, Luana, and Malina — have various phases in different stages. Castle & Cooke has shifted from their original lottery system to first-come, first-served sales for most releases.
Malu Koa West: Coming Soon
A new affordable condominium neighborhood, Malu Koa West, is planned for Koa Ridge. Details are still emerging, but it will add more affordable housing options to the community.
Ka’ulu by Gentry — Approaching Completion
Developer: Gentry Homes | Location: Kalaeloa, Kapolei | Total Homes: 390
Ka’ulu is one of Oahu’s newer developments and is on track for full completion by late 2026. The project offers:
- 128 single-family homes (3 bedrooms)
- Townhomes (2-3 bedrooms)
- Affordable housing units via HCDA reserved housing program
Ka’ulu emphasizes sustainability with standard features including central A/C, solar water heating, spray-foam insulation, and solar windows. If you’ve been watching Ka’ulu, available inventory is shrinking as the project nears buildout.
Ward Village — Honolulu’s Luxury Pipeline
Developer: Howard Hughes Corporation | Location: Kakaako, Honolulu | Total Towers: 14 planned
Key Updates
| Tower | Status | Expected Completion |
|---|---|---|
| Kalae | Under construction | 2026 |
| Launiu | Pre-construction | TBD |
| Māhana | Sales expected to start 2026 | TBD |
| Victoria Place | Move-ins underway | Completed |
| The Park | Completed March 2025 | Completed |
Kalae is the big 2026 story for Ward Village — this all-market-rate tower will deliver units priced between $1.2M and $5.3M. No reserved/affordable housing in this tower.
Māhana is likely the final tower in the Ward Village master plan. Located on the “3rd Row,” sales are expected to begin in 2026. This marks the end of one of Honolulu’s most ambitious redevelopment projects.
Kuilei Place — Oʻahu’s Biggest Affordable Housing Project
Developer: Stanford Carr Development | Location: Moʻiliʻili, Honolulu | Total Units: 1,005
Kuilei Place remains on track for mid-2026 completion and represents the largest affordable housing project on Oahu:
- 603 units (60%) — affordable housing for moderate to high-moderate income households
- 402 units (40%) — market-rate
- Unit mix: 1, 2, and 3-bedroom condos
- 165 units designated as rental apartments
Applications for both affordable and market-rate units were accepted previously. This is a project to watch as it nears delivery — it will add significant inventory to the Honolulu condo market.
Skyline Rail Update — Impact on New Construction
Honolulu’s Skyline elevated rail system directly affects new construction values, especially at Ho’opili and in the Kakaako/Ward Village corridor.
Current status (February 2026):
- Segment 1 (East Kapolei to Aloha Stadium): Operational since June 2023
- Segment 3 (Downtown): $1.66 billion design-build contract awarded; above-ground column construction expected early 2026
- Full completion to Ala Moana: Projected by 2031
- Total project cost: Expected to exceed $12 billion
Ho’opili homes near the SoHo Community Center have direct access to Skyline stations. As the rail extends toward downtown, transit connectivity becomes a stronger selling point for West Oahu developments.
New development: City Council is considering approval for rail extensions beyond the current minimum operable segment, including a potential UH Mānoa spur.
Other Developments to Watch
| Development | Location | Developer | Status |
|---|---|---|---|
| Makamae | Ewa Beach | Gentry | Final phase of Ewa by Gentry |
| Kekainani at Hoakalei | Ewa Beach | — | Final 32 luxury residences (Kuapapa) from $3.4M+ |
| Aria Lane | Manoa Valley | Avalon | 76 SF homes + 26 townhomes (unique location) |
| The Park at Keeaumoku | Honolulu | — | Urban mid-rise development |
| NorthPark | Ewa Beach | Gentry | Ongoing phases |
Price Comparison: New Construction vs. Resale
For context, here’s how new construction pricing compares to the broader Oahu market:
| Category | Median/Starting Price | Notes |
|---|---|---|
| Oahu SF Homes (all) | $1,126,000 | January 2026 median |
| Oahu Condos (all) | $529,000 | January 2026 median |
| Ho’opili SF (new) | $622K–$1.1M+ | Kapili to Ikena range |
| Ho’opili Townhomes | $300K–$700K | Kohina to Alana range |
| Koa Ridge (affordable) | Income-qualified | Ke’olu condos |
| Ka’ulu SF | Mid $700Ks+ | Nearing sellout |
| Ward Village | $1.2M–$5.3M+ | Kalae tower |
New construction at Ho’opili offers some of the most competitively priced single-family homes on Oahu, especially Kapili starting at $622K+ — well below the island-wide median of $1.126M.
What to Expect in March 2026
- Ho’opili: Watch for Liko neighborhood details and potential new Alana releases
- Koa Ridge: Malu Koa West affordable housing details expected
- Kalae: Construction milestones as the tower nears completion
- Kuilei Place: Mid-2026 delivery timeline updates
- Skyline Rail: Downtown column construction progress
- Interest rates: Any Fed movement will directly impact new construction demand
FAQ
What new construction homes are currently selling on Oahu in February 2026?
The most active new construction communities on Oahu in February 2026 include Ho’opili in Ewa Beach (Alana, Kapili, Ikena, Kanalani, and Molehu neighborhoods), Koa Ridge in Waipio (Ke’olu affordable condos), and Ka’ulu by Gentry in Kalaeloa. Ward Village’s Kalae tower is also under construction with deliveries expected in 2026.
What is the cheapest new construction home on Oahu in 2026?
The most affordable new construction options on Oahu in 2026 are Ho’opili’s Kohina townhomes and affordable housing units starting around $300,000 (income-qualified), Koa Ridge’s Ke’olu affordable condominiums (565–896 sq ft, income-qualified), and Ka’ulu by Gentry’s HCDA reserved housing units in Kalaeloa.
What is the median home price on Oahu in 2026?
As of January 2026, Oahu’s median single-family home sale price is $1,126,000 (flat year-over-year) and the median condo price is $529,000 (down 1.9% from the previous year), according to Honolulu Board of Realtors data.
When will the Honolulu Skyline rail be completed?
Segment 1 of Honolulu’s Skyline rail (East Kapolei to Aloha Stadium) has been operating since June 2023. Segment 3 construction through downtown is underway with a $1.66 billion design-build contract. The full line to Ala Moana is projected for completion by 2031, with the total project cost expected to exceed $12 billion.
Are there any new affordable housing projects on Oahu in 2026?
Yes. Kuilei Place in Moʻiliʻili (1,005 units, 60% affordable) is expected to complete mid-2026. Koa Ridge’s Ke’olu condos offer affordable townhomes for income-qualified buyers. Malu Koa West at Koa Ridge is a planned affordable condominium community. Ho’opili’s Kohina also has affordable housing units starting around $300,000.
How do Ho’opili prices compare to the Oahu median in 2026?
Ho’opili offers some of the most competitively priced new construction on Oahu. Single-family homes at Kapili start at $622,000+, well below the island-wide median of $1,126,000. Townhomes and condos range from $300K–$700K. However, premium neighborhoods like Ikena ($940K–$1.1M+) approach or exceed the Oahu median.
What is Ward Village’s Māhana tower?
Māhana is expected to be the final tower in the Ward Village master plan in Kakaako, Honolulu. Located on the “3rd Row,” sales are expected to begin in 2026. Developed by Howard Hughes Corporation, it will feature island-modern design with approximately 20,000 sqft of ground-level commercial space. Unit sizes will range from one to five bedrooms.
Is now a good time to buy new construction on Oahu?
February 2026 offers some advantages for new construction buyers. January market data showed muted sales activity, meaning less competition. Some builders like D.R. Horton are offering closing cost incentives on inventory homes. Interest rates remain around 6.8%, and Oahu’s median home price is flat year-over-year. However, with Ka’ulu nearing completion and Ho’opili’s older neighborhoods sold out, available new construction inventory is gradually decreasing.
Sources & Methodology
- Honolulu Board of Realtors January 2026 market data (via Honolulu Star-Advertiser, Locations Hawaii)
- D.R. Horton Hawaii official listings (drhorton.com)
- Castle & Cooke Hawaii official site (castlecookehawaii.com)
- Gentry Homes official site
- Howard Hughes Corporation / Ward Village
- HHFDC Kuilei Place project page
- Honolulu Authority for Rapid Transportation (HART) construction updates
- HiEstates.com development profiles
- Dwell Hawaii development tracker
Next in the series: March 2026 Oʻahu New Construction Report (also archived).
New Construction Hawaii covers every new home development on Oahu. Browse all developments → | Compare communities →
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