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US new-home sales climbed 6.7 percent in May

US new-home sales climbed 6.7 percent in May

"With fewer buying options among existing homes, homebuyer demand is shifting towards new builds," said Ben Ayers, senior economist at the insurance company Nationwide.

Buyers are also facing additional pressures as home values are generally rising faster than incomes and average 30-year mortgage rates have risen to 4.57 percent from 3.90 percent a year ago. Both of these factors are increasing the monthly costs for repaying home loans.

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