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Whether you’re moving to the Triad or moving within the area, the real estate scene can be summed up in one word: inventory.

Though other parts of the country have seen bigger price swings in their housing markets, this market isn’t so much about price variations as supply.

Triad homes have an inventory of about a year in the pipeline, says G. Donald Jud, of Jud & Associates, who does regular surveys for Triad Multiple Listing Service.

The number of homes sold in the first quarter of 2008 was down 24.3 percent from a year earlier, according to a report by Jud. That’s having a downward effect on prices, but not as much as you might think, he said.

Homes in the $150,000-to-$350,000 range have held their prices fairly well, Jud said. But homes above and below that range are reduced more because banks have severely restricted the biggest loans and loans for first-time buyers.

And sellers are discounting.

“It’s an opportune time to move to the Triad,” said Ann Buffington, team leader/CEO of Keller Williams and 2008 president of the Greensboro Regional Realtors Association.

Even families who want to move up will find that though they may have to discount their home for sale, their next home may be discounted.

Jud said the Triad’s economy has held up remarkably well during the national downturn, partly because it is beginning a revival from the massive layoffs in textiles, tobacco and furniture.

“We have to start having more employment growth, but mainly the banks have to be a little more willing to lend on real estate,” Jud said. “They’re afraid because they’ve had so many foreclosures. Until that becomes more normalized we’re still going to have downward pressure.”

Buffington cautioned against concentrating on the negative statistics, however.

“The climate here is so much better than it’s portrayed,” she said. “92.3 percent of all the mortgages are healthy. You wouldn’t see that just by reading the headlines.”

Recent years have seen relative stability in the Triad market.

Since 1997, existing home prices here have risen an average of 2.6 percent annually, Jud said. That compares with a much faster 6.9 percent national rate during that time.

Over the past year, a national index showed prices had dropped by 8.9 percent, but Triad home prices were down by 3.6 percent.

“There was no balloon so there was nothing to pop,” Buffington said. “We never out-priced ourselves. People can still afford housing.”

Summer could be a good season after an improving spring, Buffington said. Sales in May showed a strong increase when compared with April, and that’s a sign that houses are selling at a faster clip.

“We’re definitely improving and absorbing inventory,” Buffington said.

Contact Richard M. Barronat 373-7371 or richard.barron@news-record.com