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Durham home prices rise, defy trend

The average sale price of existing homes in Durham rose 3.6 percent in the third quarter compared to a year ago, defying the national trend of declining home prices, according to a survey released today by the National Association of Retailers.

Sales prices in the Raleigh-Cary metropolitan fell in line with the national trend, but declined significantly less than the national average.

Sales prices in Raleigh-Cary declined 6.3 percent versus a year ago. The nationwide price decrease was 11.2 percent.

Price's seasoning important for Rays

David Price may not like it.

But Durham Bulls fans will.

Price, who had memorable appearances during the Tampa Bay Rays' World Series run last fall, was optioned to the Bulls, the Rays' Triple-A franchise on Wednesday.

Home prices decline locally, nationally

The average sale price of existing homes in the Raleigh-Cary metropolitan area declined 6.3 percent in the third quarter compared with a year ago, according to a survey released today by the National Association of Realtors.

The decline was significantly less than the 11.2 percent price decrease nationwide.

Sales of existing homes in Raleigh-Cary averaged $207,900 in the third quarter.

Little celebration over home sales

Nationwide home sales may have finally hit bottom, new data show, but many thorny problems are hindering recovery.

Sales of previously occupied homes rose by 2.4 percent from April to May -- the third monthly increase this year -- but the results missed expectations.

Home sellers are still competing against a growing number of bargain-priced foreclosures, buyers are paying higher mortgage rates and new rules for property appraisers are delaying or scuttling many deals.

Today in business

Higher prices could help

Prices for everything from airfares to grocery bills continue to fall. A Tuesday report showed prices at the wholesale level dropped by 1.2 percent in March from February. Much of that was due to lower beef, pork and gasoline prices, and it was a big surprise to economists, who had expected a flat reading.

This morning, they expect a report on consumer prices to show a slight increase. While lower prices may cause consumers to cheer, too much of a good thing can spark a round of deflation.