Hawaii Housing Bubble Following Mainland?

The San Francisco Chronicle reports on the cooling housing market in Hawaii:

Typically, Hawaii's real estate market lags the mainland's by six to 24 months and is often more difficult to read because of the relatively high number of homes owned by out-of-staters, experts say. In November, the median price for a home on Oahu was $418,000, well below a peak of $569,000 in August and 8 percent below the year-ago median.