A significant decline in the number of apartments being built in San Diego has dragged down new dwelling construction in the County a whopping 58 percent during the first few months of 2019. The Real Estate Research Council of Southern California reported last week that San Diego experienced the biggest drop in new construction permits among all Southern California counties.
Multi-unit dwelling permits declined the most, with a 70 percent drop on a year-over-year basis. This is a reversal of the past couple of years when apartment building outnumbered single-family construction.
San Diego had been making significant strides over the last several months in increasing home inventory levels which have been critically low. These latest figures are a setback to that momentum.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 percent.
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