REAL ESTATE

Residential building permits--an indicator of construction activity--were down slightly during the first two months of the year in Orange County, but experts said it was too early to draw any conclusions from the numbers. Local home builders generally expect another strong year.

The value of permits issued for houses, apartments and condominiums totaled $236 million through February, the Construction Industry Research Board reported.

That was down 8.5% from the $258 million recorded during the same two months of 1987, when a surge in construction of multifamily residences pushed up the value of permits issued.

The amounts are not adjusted for inflation.

Permits were issued through February last year for 1,340 houses, contrasted with 1,200 this year.

And 2,000 permits were issued for apartment and condominium units last year, contrasted with 800 this year.

The big drops, however, were in commercial construction projects, which fell from $271-million worth of permits issued last year to $201 million this year. Construction of office buildings, many of which have high vacancy rates now, was down.

New industrial buildings, such as factories and warehouses, were also down sharply. Construction of new stores, however, was up so far this year, the research board reported.