The belts will warm up with use. If it's over tensioned, however, that will cause problems. I'm not familiar with those engines, but typically, Honda either uses the alternator to tension the a/c belt, or the compressor itself has a tension adjustment. It has only been on the v6's and k series that I've seen a serpentine belt.
If it's a brand new belt, and not Gates (which is Honda OEM), then you may want to get a Honda/Gates belt. If it's over tensioned, then loosen the belt a little. If it's the pulley, and assuming the belt is tensioned properly, some lube will help for now, but it will be going out on you at some point in the near future. If the belt is under tensioned, then that would explain the heating up and squealing, as the belt would be slipping.