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U.S. Homebuilder Sentiment Unexpectedly Rises With Solid Demand

Confidence among U.S. homebuilders unexpectedly rose in October, registering the first gain in five months amid falling lumber prices and solid demand, according to a report Tuesday from the National Association of Home Builders/Wells Fargo.

October’s pickup in sentiment across the three sub-indexes and all four regions indicates the market for newly-built homes may be regaining steam after a broad cooling in housing in recent months. Tailwinds from tax cuts and one of the strongest job markets in decades continue to elevate sentiments and boost demand. Lumber prices have also fallen almost 50 percent since reaching a record in May.