Builders are the most confident in 20 months that Americans are looking to buy houses
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REUTERS/Mike Blake

Homebuilder sentiment ticked three points higher to 71 in October, reaching its highest level since February 2018.

The National Association of Home Builders/Wells Fargo Housing Market Index showed a six point increase to 83 in the West, and a three point jump to 76 in the South. Any reading above 50 indicate positive builder sentiment.

The Federal Reserve's recent rate cuts lowered mortgage rates and propped up the housing market after growth lagged through 2018.

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