REPORT: HOME SALES DROP TO HALF LAST YEAR'S PEAK.

Byline: Daily News

SANTA CLARITA -- October home sales in Santa Clarita fell to half what they were when the market peaked last year, according to a monthly report issued today by a realty trade group.

And the median price of a single-family home dropped $68,000 since the $643,000 record set in April, according to the Southland Regional Association of Realtors.

Condo sales fell about 30 percent, along with the median price, which dropped from a January high of $397,000 to $370,000.

Still, Realtors view the overall decline as a normal part of the broader market cycle.

``Some of the drop is sales is due to seasonal forces, but there is no doubt that the local market is struggling to find the right balance between prices, inventory and sales,'' said Peggy Mueller, president of the association's Santa Clarita Division.

``Investors are out of the market and real buyers, families who intend to live in a home for a period of time, are keeping the market going as they discover interest rates that dropped recently, properly priced properties and the largest selection of homes listed for sales in many years.''

A total of 2,405 homes were listed by the end of October, a 99 percent increase from a year ago when limited inventory drove up prices.