Oʻahu New Construction Report — March 2026

TL;DR — March 2026 Market Snapshot

Market Trend: Steady demand continues for West Oʻahu new construction as inventory remains limited across the island. Affordable housing lotteries at Hoʻopili and Koa Ridge remain highly competitive.

Executive Summary

March 2026 brings another active month for Oʻahu new construction, with multiple neighborhoods selling simultaneously across Hoʻopili, Koa Ridge, and Ward Village. Developers continue to release new phases while affordability remains the central challenge for first-time buyers.

The big headlines this month:

1. ʻAhakea at Hoʻopili released in January 2026 with homes starting around $718,000 — the newest GenHomes product-line launch
2. Ward Village’s Mahana amendment hearings scheduled for March through May 2026, potentially adding significant reserved housing to the urban core
3. Koa Ridge’s Keʻolu Phase I affordable lottery concluded July 2025, with Phase II expected later in 2026
4. Resale inventory at Hoʻopili and Koa Ridge remains thin, with most buyers still competing for new construction

Whether you’re a first-time buyer navigating the affordable housing lottery system, a military family relocating to Oʻahu, or an investor evaluating West Oʻahu appreciation potential, this report covers the current state of every major development.

Related guides: Hoʻopili Prices ·
Koa Ridge Prices ·
Hoʻopili vs Koa Ridge

Hoʻopili Updates — ʻEwa Beach

Currently Selling Neighborhoods (March 2026)

New Release: ʻAhakea at Hoʻopili

The newest neighborhood to hit the market is ʻAhakea, D.R. Horton’s latest GenHomes product line. Released January 10, 2026, ʻAhakea offers compact single-family homes starting around $718,000.

GenHomes are designed as smaller-footprint homes optimized for energy efficiency and modern living — think open floor plans, smart home integration, and minimalist design. While pricing details are still emerging, early indications suggest 3-bedroom configurations with square footage in the 1,200–1,400 range.

Why it matters: ʻAhakea represents D.R. Horton’s response to buyer demand for attainable single-family homes in the $700K range — a sweet spot between Alana townhomes ($540K–$734K) and larger Ikena homes ($800K–$950K+).

Availability: Check with D.R. Horton’s sales office or join the Ho’opili interest list for lottery announcements.

→ Complete Hoʻopili Guide

Resale Market

Hoʻopili’s resale market remains limited, with most inventory concentrated in earlier sold-out neighborhoods like Kohina, Ilima, and ʻĀkoko. Buyers looking for immediate move-in should expect:

– Condos/Townhomes: $400K–$650K (resale in Kohina, Ilima, Nahele)
– Single-Family: $650K–$850K (resale in Haʻakea, Lehua, Mamaka)
– Premium Homes: $850K–$1.1M+ (resale in Ikena, The Bluffs)

Days on market average 30–60 days for competitively priced resale homes. Overpriced listings sit longer.

Rail Update

Hoʻopili is served by two Skyline rail stations:

• Keoneʻae (UH West Oʻahu) Station — open and operational
• Honouliuli (Hoʻopili) Station — open and operational since June 2023 (correction: this report originally misstated the station as under construction)

The rail connection to downtown Honolulu and the airport remains a major selling point, though the full City Center extension timeline continues to shift.

Koa Ridge Updates — Central Oʻahu

Currently Selling Neighborhoods (March 2026)

Keʻolu Affordable Housing Update

Koa Ridge’s affordable housing component, Keʻolu Phase I, completed its initial lottery in July 2025. The program reserves 30% of Koa Ridge’s total inventory (~1,050 units) for households earning at or below 120% of the Area Median Income.

2025 Income Limits (120% AMI) for Keʻolu:

Key restrictions:
– 10-year owner-occupancy requirement (no rentals)
– City of Honolulu right-of-first-refusal on resale
– Must live on Oʻahu at time of application

Phase II lottery details have not been announced as of March 2026, but Castle & Cooke is expected to release additional Keʻolu units later this year.

→ Keʻolu at Koa Ridge Guide

Market-Rate Inventory

Koa Ridge’s market-rate neighborhoods continue to sell steadily, with the Lau Leʻa studios ($380K) offering the lowest new construction entry point on Oʻahu. At 414 square feet, these are legitimately tiny homes — but for a single buyer willing to trade space for location and community amenities, it’s a viable option.

On the premium end, Nanea III detached homes ($1.3M–$1.65M+) appeal to move-up buyers and military officers seeking space, privacy, and Central Oʻahu’s cooler climate.

Malu Koa West Status

Castle & Cooke’s planned 4-story condo phase, Malu Koa West, remains deferred with no announced timeline. The developer has pivoted to prioritizing the Gateway commercial center instead, citing rising construction costs and challenging market conditions for mid-rise condos.

If you were counting on a condo option at Koa Ridge, this phase is effectively on hold indefinitely.

→ Complete Koa Ridge Guide

Ward Village Updates — Honolulu

Active Construction & Sales (March 2026)

Ward Village, developed by The Howard Hughes Corporation, remains Oʻahu’s most ambitious urban master-planned community. As of March 2026, 7 towers are under construction or actively selling, with several more in planning.

Mahana Amendment Hearings (March–May 2026)

The most significant Ward Village development in 2026 is the Mahana amendment process. The Howard Hughes Corporation is seeking City Council approval to amend Mahana’s development agreement, potentially adding significant reserved housing units (affordable and workforce housing) in exchange for additional building height or density.

Scheduled hearings: March through May 2026

Why it matters: If approved, Mahana could deliver hundreds of below-market-rate units in Honolulu’s urban core — a rare opportunity for buyers priced out of market-rate condos ($700K+). The amendment is politically sensitive, with community groups, affordable housing advocates, and neighboring residents all weighing in.

What to watch:
– Final reserved housing percentages and income eligibility
– Pricing structure for reserved units (likely lottery-based)
– Timeline for construction and occupancy (est. 2028–2030)

We’ll track the amendment process and publish updates as hearings conclude.

→ Complete Ward Village Guide

Other Oʻahu Developments

Kaʻulu by Gentry Homes — Kapolei

Gentry Homes continues development of Kaʻulu, a master-planned community in Kapolei offering single-family homes and townhomes. Pricing and inventory details remain limited as Gentry does not publish comprehensive online listings.

What we know:
– Location: Kapolei, West Oʻahu
– Developer: Gentry Homes (local developer, mid-to-premium positioning)
– Home types: Single-family, townhomes
– Estimated pricing: TBD (likely $700K–$1M+ range based on Gentry’s portfolio)

How to buy: Contact Gentry Homes directly or work with a buyer’s agent familiar with their sales process.

Makamae by Gentry Homes — ʻEwa Beach

Another Gentry development in ʻEwa Beach, Makamae offers single-family homes in a smaller community setting. Like Kaʻulu, inventory and pricing details are limited.

NorthPark by Gentry Homes — ʻEwa Beach

Gentry’s NorthPark development in ʻEwa Beach continues to sell, though detailed listings are not publicly available through traditional MLS channels.

Note on Gentry Homes: Gentry operates differently than national builders like D.R. Horton or large developers like Howard Hughes. Their sales process is more boutique, with limited online presence. If you’re interested in Gentry communities, direct outreach or working with a connected buyer’s agent is essential.

Market Trends — March 2026

Pricing Trends

New construction pricing on Oʻahu remains elevated, with entry-level homes starting at $380K (Koa Ridge studios) and most 3-bedroom single-family homes in the $700K–$950K range.

Year-over-year trends (March 2025 vs. March 2026):
– Hoʻopili condos/townhomes: +3–5% (modest appreciation)
– Koa Ridge market-rate homes: Flat to +2% (cooling from 2024 peaks)
– Ward Village condos: +5–8% in select towers (Victoria Place, Koula)

What’s driving prices:
1. Limited inventory — New construction releases remain constrained
2. Affordable housing demand — Lotteries remain highly competitive (10:1+ applicant-to-unit ratios)
3. Interest rates — Rates hovering in the 6.5–7.25% range (depending on credit, down payment, and loan type)
4. Resale scarcity — Buyers who secured homes in 2020–2022 are holding, limiting resale inventory

Buyer Activity

Who’s buying:
– First-time buyers (35%) — Targeting affordable housing lotteries, smaller condos/townhomes
– Military families (25%) — VA loan buyers seeking Hoʻopili, Koa Ridge proximity to bases
– Local move-up buyers (20%) — Trading older single-family homes for new construction
– Investors (15%) — Focused on Ward Village condos, some Hoʻopili resale arbitrage
– Mainland buyers (5%) — Limited presence due to remote buying challenges

Inventory Levels

New construction inventory: Tight across all major developments. Most neighborhoods require lottery participation or waitlist signup.

Resale inventory: Limited in Hoʻopili and Koa Ridge, with most resale listings concentrated in affordable housing neighborhoods (Kohina, ʻĀkoko, Malina) subject to buyback restrictions.

Days on market:
– New construction: Immediate (lottery-based sales)
– Resale condos/townhomes: 30–60 days
– Resale single-family: 45–90 days

Interest Rate Environment

As of late February 2026, mortgage rates for new construction buyers on Oʻahu range from 6.5% to 7.25% depending on:
– Credit score (720+ gets best rates)
– Down payment (20%+ improves pricing)
– Loan type (VA loans often 0.25–0.5% lower than conventional)
– Lender and points paid

Rate outlook: The Federal Reserve’s stance remains cautious, with no major rate cuts expected in Q1 2026. Buyers should budget for rates in the 6.5–7% range through mid-2026 unless economic conditions shift significantly.

What to Expect in April 2026

Looking ahead to next month:

1. Mahana amendment progress — Expect updates from March hearings
2. Hoʻopili lottery announcements — D.R. Horton typically releases new phases quarterly; watch for spring announcements
3. Koa Ridge Keʻolu Phase II details — Castle & Cooke may announce the next affordable housing lottery
4. Ward Village tower completions — Several towers approaching occupancy (Launiu, Kalae)
5. Interest rate updates — Monitor Fed policy and rate trends

We’ll publish the April 2026 Oʻahu New Construction Report in early April with updated pricing, inventory, and market trends.

Related guides: Hoʻopili Lottery Guide ·
How to Buy New Construction in Hawaiʻi

Frequently Asked Questions

What’s the cheapest new construction home on Oʻahu right now?

As of March 2026, the cheapest new construction on Oʻahu is Koa Ridge’s Lau Leʻa studios, starting at $380,000 for 414 square feet. If you qualify for affordable housing (120% AMI), Koa Ridge’s Keʻolu townhomes start at $477,000 for 565 square feet, while Hoʻopili’s ʻĀkoko (sold out) previously offered units in the $300K–$450K range.

Is Hoʻopili or Koa Ridge a better investment in 2026?

Both have merit, but they serve different buyers:

Choose Hoʻopili if: You prioritize rail access, larger community amenities (11,750 homes vs. 3,500), and slightly lower price-per-square-foot. Hoʻopili’s ʻEwa Beach location also offers ocean proximity.

Choose Koa Ridge if: You prefer Central Oʻahu’s cooler climate, premium construction quality (Castle & Cooke vs. D.R. Horton), and a smaller, more exclusive community. Koa Ridge’s hillside location also offers better views.

Investment angle: Both communities have shown 3–8% annual appreciation since 2020. Hoʻopili has more resale liquidity due to volume; Koa Ridge resale inventory is tighter. Neither is clearly superior — it depends on your lifestyle priorities.

→ Hoʻopili vs Koa Ridge Comparison

When is the next affordable housing lottery at Hoʻopili?

D.R. Horton releases affordable housing lotteries periodically as new neighborhoods come online. The most recent lottery was for Kohina (sold out). Future lotteries have not been announced as of March 2026.

How to stay informed:
– Join the Hoʻopili interest list
– Monitor the HCDA website for affordable housing postings
– Check our Hoʻopili Lottery Guide for the application process

Can I use a VA loan at Hoʻopili or Koa Ridge?

Yes. Both developments accept VA loans, and many neighborhoods are specifically configured as condos or townhomes that meet VA lending requirements.

Key considerations:
– VA funding fee: Typically waived for first-time use or disabled veterans
– HOA approval: Most Hoʻopili and Koa Ridge neighborhoods are VA-approved
– Competitive advantage: VA buyers with 0% down can compete with conventional buyers putting 20% down, especially in tight inventory

Work with a lender experienced in Hawaiʻi VA loans to navigate the process.

How much should I budget for HOA fees at Hoʻopili vs. Koa Ridge?

Hoʻopili HOA fees:
– Master HOA: ~$65/month (all homes)
– Neighborhood HOA: $0–$602/month (varies by neighborhood)
– Total range: $65–$667/month

Koa Ridge HOA fees:
– Master HOA: $61–67/month (all homes)
– Neighborhood HOA: $50–218/month (varies by neighborhood)
– Total range: $117–$285/month

Winner: Hoʻopili’s single-family neighborhoods (Ikena, Lehua, Haʻakea) have $0 neighborhood HOA, so you pay only the master fee. Koa Ridge charges both master and neighborhood fees on all homes.

→ Hoʻopili HOA Fees Guide

What’s the current timeline for Ward Village’s Mahana tower?

Mahana is currently in the amendment process, with City Council hearings scheduled for March through May 2026. If the amendment is approved, construction could begin in late 2026 or early 2027, with occupancy estimated for 2028–2030.

What’s uncertain:
– Final reserved housing percentages
– Pricing for affordable/workforce units
– Lottery eligibility criteria

We’ll publish updates as the amendment process concludes.

Are Hoʻopili home prices going up or down in 2026?

Short answer: Slight increases likely, but not the 8–12% annual gains seen in 2021–2022.

Longer answer: Hoʻopili pricing has been relatively stable in 2024–2025, with modest 3–5% year-over-year appreciation. The combination of steady demand (military relocations, first-time buyers, rail access) and constrained supply (lottery-based releases) suggests prices will continue drifting upward through 2026.

Wild cards:
– Interest rate cuts (would boost buying power)
– Recession or job market softening (would slow demand)
– Significant new inventory releases (would ease competition)

Expect incremental increases, not dramatic swings.

How do I get on the interest list for new Hoʻopili neighborhoods?

Visit D.R. Horton Hawaiʻi’s website and join the Hoʻopili interest list. You’ll receive email notifications when new neighborhoods are announced, including lottery dates, pricing, and floor plans.

Pro tip: Also follow local buyer’s agents who specialize in Hoʻopili (like hoopililiving.com) — they often share insider updates before official announcements.

What’s the commute like from Hoʻopili to downtown Honolulu?

By car (off-peak): 35–45 minutes via H-1 eastbound
By car (rush hour): 60–90 minutes (H-1 eastbound is notoriously congested)
By rail: ~45–60 minutes once the City Center extension is complete (timeline TBD)

Reality check: If you’re commuting to downtown Honolulu daily, Hoʻopili’s distance and H-1 traffic are real considerations. The rail connection helps, but you’re still looking at a 1-hour door-to-door commute during peak hours.

Who it works for: Remote workers, military families (closer to Pearl Harbor), or buyers willing to trade commute time for lower prices and newer homes.

Can I rent out my home at Hoʻopili or Koa Ridge?

Hoʻopili: Most market-rate neighborhoods allow rentals after a minimum owner-occupancy period (typically 6–12 months). Check your specific neighborhood’s CC&Rs.

Affordable housing units (Kohina, ʻĀkoko, Keʻolu) have 10-year owner-occupancy restrictions — you cannot rent them out during this period.

Koa Ridge: Similar to Hoʻopili — market-rate homes allow rentals after an initial owner-occupancy period. Affordable housing units (Keʻolu, Malina) have 10-year rental restrictions.

Investment buyers: If you’re buying purely as an investment property, stick to market-rate neighborhoods and verify the specific rental restrictions with the developer or your agent.

How to Buy New Construction on Oʻahu in 2026

If you’re ready to move forward, here’s your roadmap:

1. Get pre-approved — Talk to a lender experienced in Hawaiʻi new construction (VA, conventional, FHA)
2. Join interest lists — Sign up for Hoʻopili, Koa Ridge, and any other developments you’re considering
3. Research neighborhoods — Read our development guides and visit model homes
4. Understand the lottery process — Most neighborhoods require lottery participation
5. Work with a buyer’s agent — Find an agent who specializes in new construction and knows the lottery system
6. Budget for HOA fees — Factor in both master and neighborhood HOA costs
7. Plan for long-term — New construction on Oʻahu is a 5–10 year hold for appreciation; short-term flips are risky

→ How to Buy New Construction in Hawaiʻi

Stay Updated

We publish monthly Oʻahu new construction reports tracking pricing, inventory, and development news across all major communities. Subscribe or bookmark this page to stay informed.

Note (July 2026): monthly reports are on hiatus; the development hub pages and pricing guides above carry current data.

Previous reports:
– February 2026 Oʻahu New Homes Report

About This Report: New Construction Hawaii tracks pricing, inventory, and market trends across Oʻahu’s major developments. Data is compiled from developer websites, MLS listings, public records, and industry sources. All pricing is subject to change. Verify current availability and pricing directly with developers or licensed real estate agents.

Report data as of: February 27, 2026 · Archived — see the banner above for current resources.