U.S. HOME PRICES RISE AT SLOW PACE

U.S. home prices rose in July at the slowest pace in 10 months as climbing mortgage rates become a more significant factor for a growing number of prospective buyers.

The S&P CoreLogic CaseShiller 20city home price index increased 5.9 percent in July compared with a year earlier, down from a 6.4 percent annual gain the previous month.

Home prices are rising at twice the rate of wages, which has likely contributed to a cooling in the market this year. Sales of existing homes have dropped 1.5 percent in the past 12 months. Mortgage rates last week reached their highest level since May.

Las Vegas, Seattle and San Francisco reported the biggest annual gains.

U.S. consumer confidence rises to 18year high in September.

U.S. consumer confidence shot up to an 18year high in September — good news for retailers as the holiday shopping season approaches.

The Conference Board, a business research organization, said Tuesday that its consumer confidence index climbed to 138.4 in September from 134.7 in August. This month’s reading was the highest since September 2000.

The index measures consumers’ assessment of current economic conditions and their outlook for the next six months. Both improved in September.

Inspire Brands buys Sonic burger chain for $2.3 billion.

ATLANTA» Arby’s owner Inspire Brands is buying the Sonic drivein hamburger chain.

Inspire is paying $43.50 per share cash, or $2.3 billion, for Sonic, which has 3,600 restaurants in the U.S. Inspire expects the deal to close by the end of this year.

Sonic will operate as a separate business unit within Inspire and remain based in Oklahoma City. The first Sonic opened in Oklahoma in 1953.

Atlantabased Inspire was formed this year when Arby’s acquired the Buffalo Wild Wings chain.

American expands inflight food options on domestic routes.

FORT

TEXAS» American WORTH,

Airlines is expanding its inflight food options with the addition of a light Mediterranean menu.

American, which is based in Fort Worth, Texas, says the new Zoe’s Kitchen menu will be sold on most domestic flights longer than three hours beginning Dec. 1.

Options will include hummus topped with olives, a turkey sandwich and a chicken wrap.