There were 1,180 residential permits pulled in the first quarter, a drop of 58 percent compared to the same time last year, said the Real Estate Research Council of Southern California. It was the most significant drop of the seven Southern California counties.
The drop was largely the result of a reduction in the seemingly unstoppable apartment market. There were 556 multifamily permits pulled in the first quarter, a drop of 70 percent from 2018. While the apartment and condo market fluctuates heavily, because one approved project can mean hundreds of units, it was still notable because the apartment building pace had also slowed significantly at the end of last year.
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