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New home sales surged in May

Data: U.S. Census Bureau and U.S. Department of Housing and Urban Development via FRED; Chart: Axios Visuals

The housing market appears to be shaking off the shock of higher mortgage rates.

Driving the news: The number of new home sales rose for the third month in a row in May, up 12.2% from April — and up 20% over last year, per government data out Tuesday.

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