Home prices rose in August 

Despite recent softening and apprehension over price increases, consumer spending was robust over the month.

The University of Michigan Consumer Sentiment Index increased 1.8% in July compared to the month prior, landing at 61.8, according to preliminary results for the month.

Privately-owned housing units authorized by building permits in June increased to a seasonally adjusted annual rate of 1.397 million, according to the U.S. Department of Commerce.

Business inventories in May came in at $2.66 trillion, virtually unchanged from the month prior but up 1.7% from a year ago, the Commerce Department said.

The rate for a 30-year fixed-rate mortgage was 6.75% this week. The rate for a 15-year fixed-rate mortgage was 5.92%.

Builder confidence in the market for newly built single-family homes was 33 in July, up one point from June, according to the NAHB/Wells Fargo Housing Market Index. Builder sentiment has now been in negative territory for 15 consecutive...