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GREENSBORO - Third quarter home sales in Greensboro repeated a trend now familiar in 2008 : sales and prices are down. Inventory is up and so is the length of time it takes residences to sell compared to a year ago.

The number of existing houses sold in the third quarter of this year - 704 - was down almost 8 percent compared to the 818 homes sold in the second quarter , according to data compiled by local economist Don Jud and released by the Greensboro Regional Realtors Association Friday .

This year's third quarter homes sales were down almost 15 percent compared to last year this time.

All that pushes things in favor of buyers, local realtors said - as long as the buyer has good credit.

"It certainly makes buyers feel more empowered to get a lower price and a better deal on the property," said Patrick Burns, a realtor with 14 years experience.

For sellers, time is the main factor, he said. "It comes down to the seller's level of motivation. Some need to get property sold and some are willing to wait."

Homes prices have become more affordable, with houses selling for an average price of $185,861 , down 4 percent from last year. A higher than normal number of foreclosures is helping drive prices down.

Buyers are bargain shopping, said Chris Collins a realtor who has been in the business for almost five years.

"They're trying to get good deals. The foreclosures are priced so low, a lot of your regular sellers just can't compete."

But for some potential buyers, the global credit crunch has hindered their efforts to buy locally.

"That's happening a whole lot because the lenders are getting stricter on their guidelines," Collins said. "They are tightening up on credit scores. Things they might would have passed a year ago, they won't pass now."

There are still good mortgage programs out there, Burns said, including ones that only require three percent down for borrowers with very good credit.

Beyond the ability to get a loan, consumers' lack of confidence in the economy has also had an impact on sales.

News headlines aren't helping either, Collins said.

"The media is scaring the crap out of people," he said. "People don't understand where we're at in Greensboro, it's still a good market in a good area.

"I think people are thinking that it's horrible everywhere. Things are a little slow here, but there's a lot of places where it's a whole lot worse."

But sentiments can change quickly, Burns said.

"I've been in the market when the economy has been slow and slower than this," he said. "I think I'm seeing a little bit more fear in the market place today than I have in other slow times. But that can turn on a dime."

Contact Lanita Withers at 373-7071 or lanita.withers@news-record.com