Aloha kakou,
Mortgage rates eased for a fourth week in a row, Restaurant Week wraps up Sunday, and the holiday shows are opening around town. This week we head mauka to Central Oahu, with a closer look at Mililani, where our office calls home. Here is what we are watching, whether you already live here or are planning your move to the islands.
Lester and the team at The Salazar Group
National real estate news
What's moving across the country
Rates fall for a fourth straight week
Freddie Mac's average 30-year fixed rate fell to 7.11% for the week ending November 12, down 0.07 points from 7.18% the week before (7.18 - 7.11 = 0.07). It is the lowest rate in seven weeks and the fourth weekly drop in a row since the 2026 peak of 7.40% on October 8 and 15, leaving rates 0.29 points below that peak (7.40 - 7.11 = 0.29). A year ago the average was 6.24%, so rates are still 0.87 points higher than then (7.11 - 6.24 = 0.87). The 15-year fixed averaged 6.45%, down from 6.57%. These are national averages for borrowers with strong credit and 20% down; your own rate depends on your loan and credit.
Source: Freddie Mac Primary Mortgage Market Survey, November 12, 2026
What this year's rates mean for a payment
Rates started 2026 at 6.16% in early January, dipped to a low of 5.98% in late February, climbed to 7.40% in October, and have now eased four weeks running. Here is what that means for a monthly payment on a $500,000, 30-year loan (principal and interest only):
- At 6.16% (January 8): about $3,049 a month
- At 7.40% (October peak): about $3,462 a month
- At 7.18% (last week): about $3,387 a month
- At 7.11% (this week): about $3,364 a month
That is about $98 a month less than at the October peak ($3,462 - $3,364) and $23 less than last week ($3,387 - $3,364), but still about $315 a month more than in January ($3,364 - $3,049).
Rates: Freddie Mac PMMS weekly averages, January 8 to November 12, 2026. Payment math is ours, using the standard amortization formula: payment = P x r / (1 - (1 + r)^-360), with r = rate / 12.
Home prices dip as buyers wait
Redfin's latest report, released November 12, found the national median sale price fell 0.9% from a year earlier to $388,613 in the four weeks ending November 8, the fourth week in a row of year-over-year declines. Pending sales were down 15.5% from a year ago, new listings fell 4.7%, and the number of homes for sale rose 3.3% to about 1.5 million. Homes took a median of 51 days to sell, two days longer than a year ago. With rates easing, Redfin's typical monthly payment fell to $2,755, down from $2,820 a month earlier ($2,820 - $2,755 = $65).
Source: Redfin, November 12, 2026 (seasonally adjusted counts)
Local market trends
Oahu market check
On the market this week
Week-over-week change: single-family 1,182 - 1,167 = +15; condos 3,129 - 3,132 = -3. Counts from HiCentral MLS via our website search on November 12, 2026. They include some homes already under contract, so they run higher than the Honolulu Board of REALTORS® active-inventory figures below.
Last month: October 2026
Oahu single-family home sales fell 8.4% from a year earlier to 239, and the median price dipped 1.1% to $1,150,000. Homes sold in a median of 15 days, down from 26 a year ago, and one in three closed above the original asking price, compared with one in four last October. Condo sales fell 23.5% to 339, and the condo median slipped 6.7% to $499,000, with a median of 49 days on market (44 a year ago). Year to date, single-family sales are up 4.3% and the single-family median is up 2.6% to $1,180,000.
What it means: Fewer homes sold in October, but well-priced single-family homes still moved fast. Buyers have more to choose from: active inventory ended the month up 3.9% to 805 single-family homes and up 7.0% to 2,506 condos. Entry-level options are there too: 37% of single-family sales were under $1 million, and half of condo sales (171) were under $500,000. Changes are compared with October 2025.
Source: Honolulu Board of REALTORS® Monthly Stats Report, October 2026 (released November 6, 2026), compiled from HiCentral MLS. Also see the Coldwell Banker Island Properties market reports.
About the region tables below: they use September 2026, the latest Honolulu Board of REALTORS® Oahu Local Market Update. The October regional report is expected around November 16, and we will use it in a future issue.
This week's featured regions: Central Oahu, single-family, September 2026
| Area | Median price | vs. Sept 2025 | Sold | Median days on market |
|---|---|---|---|---|
| Mililani | $1,100,000 | -7% | 13 | 13 |
| Wahiawa | $753,500 | -2% | 8 | 34 |
| Pearl City-Aiea | $1,110,000 | +5% | 24 | 10 |
| Waipahu | $949,500 | -5% | 23 | 15 |
Single-family homes by region, September 2026
Here is every region.
| Area | Median price | vs. Sept 2025 | Sold | Sold Sept 2025 | Median days on market |
|---|---|---|---|---|---|
| Aina Haina-Kuliouou | $1,490,000 | -1% | 5 | 3 | 24 |
| Downtown-Nuuanu | $1,087,500 | -10% | 10 | 9 | 13 |
| Ewa Plain | $984,444 | +8% | 52 | 51 | 20 |
| Hawaii Kai | $1,812,500 | +32% | 8 | 9 | 11 |
| Kailua-Waimanalo | $1,659,000 | -2% | 29 | 33 | 12 |
| Kalihi-Palama | $1,070,000 | +22% | 11 | 10 | 22 |
| Kaneohe | $1,300,000 | 0% | 22 | 17 | 9 |
| Kapahulu-Diamond Head | $1,290,000 | -7% | 22 | 13 | 18 |
| Makaha-Nanakuli | $625,000 | -3% | 23 | 22 | 18 |
| Makakilo | $1,030,000 | -26% | 13 | 5 | 13 |
| Makiki-Moiliili | $1,645,000 | +11% | 10 | 13 | 16 |
| Mililani | $1,100,000 | -7% | 13 | 10 | 13 |
| Moanalua-Salt Lake | $1,257,500 | +1% | 6 | 13 | 21 |
| North Shore* | $3,700,000 | +155% | 3 | 10 | 22 |
| Pearl City-Aiea | $1,110,000 | +5% | 24 | 20 | 10 |
| Wahiawa | $753,500 | -2% | 8 | 9 | 34 |
| Waialae-Kahala | $2,632,700 | +43% | 9 | 11 | 45 |
| Waipahu | $949,500 | -5% | 23 | 16 | 15 |
| Windward Coast* | $1,722,500 | +12% | 2 | 2 | 12 |
*Fewer than 5 sales in September 2026, so the median can swing widely from month to month. Ala Moana-Kakaako and Waikiki had no single-family sales in September 2025 or 2026.
Condos by region, September 2026
| Area | Median price | vs. Sept 2025 | Sold | Sold Sept 2025 | Median days on market |
|---|---|---|---|---|---|
| Ala Moana-Kakaako | $840,000 | +34% | 63 | 43 | 46 |
| Downtown-Nuuanu | $685,000 | +12% | 27 | 44 | 46 |
| Ewa Plain | $555,000 | -11% | 27 | 29 | 32 |
| Hawaii Kai | $782,500 | -22% | 10 | 12 | 29 |
| Kailua-Waimanalo | $750,000 | -11% | 7 | 12 | 37 |
| Kalihi-Palama | $460,000 | +12% | 9 | 6 | 19 |
| Kaneohe | $747,000 | +3% | 12 | 15 | 30 |
| Kapahulu-Diamond Head* | $550,000 | -18% | 4 | 10 | 68 |
| Makaha-Nanakuli | $169,500 | -26% | 16 | 12 | 73 |
| Makakilo | $509,500 | -3% | 8 | 14 | 19 |
| Makiki-Moiliili | $390,000 | +13% | 41 | 43 | 30 |
| Mililani | $535,000 | +19% | 25 | 21 | 35 |
| Moanalua-Salt Lake | $419,000 | +7% | 13 | 23 | 51 |
| North Shore* | $1,047,500 | +13% | 4 | 5 | 106 |
| Pearl City-Aiea | $420,000 | -17% | 28 | 18 | 26 |
| Waialae-Kahala* | $856,500 | -18% | 2 | 1 | 31 |
| Waikiki | $505,000 | +13% | 60 | 81 | 68 |
| Waipahu | $500,125 | +6% | 18 | 14 | 30 |
| Windward Coast* | $276,000 | -21% | 1 | 3 | 189 |
*Fewer than 5 sales in September 2026, so the median can swing widely from month to month. Aina Haina-Kuliouou and Wahiawa had no condo sales in September 2026. Regions are Honolulu Board of REALTORS® tax map key (TMK) areas. Source: Honolulu Board of REALTORS®, Oahu Local Market Update, September 2026, compiled from HiCentral MLS. Information deemed reliable but not guaranteed.
Hawaii government
Housing at City Hall and the Capitol
Honolulu's Bill 7 program is building far fewer homes than planned
A new University of Hawaii Economic Research Organization (UHERO) report finds the city's Bill 7 program, which since 2019 has offered parking and density breaks for small apartment projects that rent at least 80% of units to households at or below 100% of area median income, has completed 7 of 85 projects, or 224 of the 2,280 units that applied for permits. The goal was 500 units a year. The city counts 412 units in 11 completed projects. UHERO points to construction costs up about 30% and a median permit wait of 531 days. Council Chair Tommy Waters called affordable housing a "top priority." Civil Beat | Star-Advertiser
Gov. Green outlines second-term housing push
Fresh off re-election, Gov. Josh Green said he will announce major additions to his housing team in the coming weeks. His priorities include housing along the rail line, a plan to repair abandoned homes and offer them to young families and new workers with favorable repair loans, and using the newly approved RISE infrastructure bonds for water and sewer work. Lt. Gov.-elect Derek Kawakami wants state and county efforts linked to speed up homebuilding. Hawaii News Now
Neighborhood spotlight
Living in Mililani
Mililani sits on Central Oahu's plateau between the Waianae and Ko'olau ranges. It is a master-planned town, built on former plantation fields starting in the late 1960s, with its own shopping, parks, recreation centers with pools and a public golf course. Neighborhoods include the original Mililani Town, the newer Mililani Mauka east of the H-2, and Launani Valley. It was named an All-America City in 1986, and families like it for its parks, community feel and easy H-2 commute.
Homes: In September, the Mililani region had 13 single-family sales at a median of $1,100,000 (down 7% from a year earlier), and homes sold in a median of 13 days. Mililani condos and townhomes had 25 sales at a median of $535,000, up 19% (Honolulu Board of REALTORS®). On November 12, 2026, there were 37 single-family homes listed in Mililani, priced from $789,000 to $2.19 million, and 122 condos and townhomes, from $175,000 to $763,000 (HiCentral MLS via our website search; includes some homes under contract).
Schools: Mililani High School is in the Hawaii Department of Education's Leilehua-Mililani-Waialua Complex Area. Check the schools for any address with the HIDOE school finder.
Explore our Mililani community guide
Island calendar, Nov 13 to 22
This weekend and next week
- Sat Nov 14: Kimchi Festival. 10 a.m. to 7 p.m. Check the site for this year's venue. kimchifestivalhi.com
- Nov 14 and 15: Waikiki ArtFest. Local artists and crafters at Kapiolani Park, 9 a.m. to 4 p.m. Details
- Sat Nov 14: Holiday Sip + Shop at Kahala Mall. Shopping discounts with wine or mocktail tastings, 5 to 8 p.m. $60. Tickets
- Sat Nov 14: University of Hawaii football vs. North Dakota State. 6 p.m. at the Clarence T.C. Ching Athletics Complex in Manoa. hawaiiathletics.com
- Through Nov 29: Peter Pan Goes Wrong. Comedy at Manoa Valley Theatre. manoavalleytheatre.com
- Nov 20 to Dec 6: How the Grinch Stole Christmas! The Musical. Holiday family show at Diamond Head Theatre, Thursdays to Sundays. diamondheadtheatre.com
- Sat Nov 21: Hawaii's Favorite Comedians. 7 p.m. at the Hawaii Theatre, Downtown. From $48.50. hawaiitheatre.com
- Opens Sat Nov 21: Under/Ground at Bishop Museum. New exhibition in the Castle Memorial Building, running through May 9, 2027. Included with museum admission ($24.95 kama'aina). bishopmuseum.org
- Sun Nov 22: Kaiwi Coast Run and Walk. Early-morning start at Sandy Beach Park, along the Kaiwi coast to Maunalua Bay. $75 late entry. kaiwicoastrun.org
- Through Nov 15, Big Island: Kona Coffee Cultural Festival. The final weekend of Hawaii's oldest food festival, with farm tours and tastings. konacoffeefest.com
Event details from organizers, HONOLULU Magazine and Hawaii Parent. Times can change; check with the organizer before you go.
Ono eats
Last call for Restaurant Week
HONOLULU Restaurant Week ends Sunday, Nov 15. There is still time to try special prix fixe menus at restaurants across the island. See menus at hnlrestaurantweek.com
- Kimchi Festival, Sat Nov 14: a full day of Korean food and kimchi, 10 a.m. to 7 p.m. kimchifestivalhi.com
- Coming soon, Yakiniku Haretoke: Japanese yakiniku focused on Joshu wagyu, opening this winter at the Renaissance Honolulu Hotel on Kapiolani Boulevard. Watch for its food truck at island events. Aloha State Daily
- Coming in December, Aloha Plate at the airport: local-style grab-and-go bento meals in Terminal 2 at Daniel K. Inouye International Airport, expected mid-December. Read more
New on the market
Fresh listings
New Coldwell Banker Island Properties listings on Oahu this week:
| Home | Area | List price |
|---|---|---|
| 2068 Aaniu Loop | Pacific Palisades, Pearl City | $1,100,000 |
| 94-301 Kiwini Place | Harbor View, Waipahu | $950,000 |
| 3514 Makanui Place | Palolo, Honolulu | $1,298,000 |
| 3075 Ala Poha Place #1904 | Salt Lake, Honolulu | $510,000 |
Listings courtesy of Coldwell Banker Island Properties, from HiCentral MLS as of November 12, 2026. Information deemed reliable but not guaranteed.
Thinking about a move? Let's talk story.
Whether you are buying your first home, selling, or investing from the mainland, our team takes the time to explain how Oahu works, from leasehold vs. fee simple to which neighborhood fits your life.
The Salazar Group | Premier Island Homes Hawaii
Lester A. Salazar (R), RB-23849, Broker and Team Leader
Adriana Fuamatu-Ma'afala, Buyer Specialist, Central and West Oahu
Shari-Lynne Aguilar, Listing Specialist
Mila Yee, Buyers and Sellers, Central and Metro Oahu
Coldwell Banker Island Properties, 95-1249 Meheula Pkwy, Suite D16, Mililani, HI 96789
Direct: 808-226-7530 | Lester@TheSalazarGroupHawaii.com
This post is for general information only and is not legal, tax or financial advice. Each Coldwell Banker office is independently owned and operated.