“Previous Posts” is working on my blog page, but not “Newer Posts”

I’m building a custom theme for our website (Namespacestudio.com) and building the theme itself locally with the intent of moving it over. Ideally, I would like to have 5-10 posts/page with the ability to view previous posts by clicking the “Previous Posts” button. “Previous posts” works fine, but “Newer Posts” does not. Is this something that would be resolved on the live site (and this is just a localhost thing) or is there really an issue with the theme itself? If so, how might I resolve it?

Here’s the code for the blog section of our homepage.

<!--Blog section-->

	<article class="homepage-blogposts">
		<br>
		<?php // Display blog posts on any page @ https://m0n.co/l
		$temp = $wp_query; $wp_query= null;
		$wp_query = new WP_Query(); $wp_query->query('posts_per_page=5' . '&paged='.$paged);
		while ($wp_query->have_posts()) : $wp_query->the_post(); ?>

		<!--Post title-->
		<h2><a href="<?php the_permalink(); ?>" title="Read more"><?php the_title(); ?></a></h2>
		
		<!--Date published-->
		<h4><?php the_time( get_option( 'date_format' ) ); ?></h4>
		
		<!-- Twitter button -->
		<script src="https://platform.twitter.com/widgets.js" type="text/javascript"></script>
			<a href="https://twitter.com/share" class="twitter-share-button"
			data-url="<?php the_permalink(); ?>"
			data-via="wpbeginner"
			data-text="<?php the_title(); ?>"
			data-related="syedbalkhi:Founder of WPBeginner"
			data-count="vertical">Tweet</a>

		<br>
		<!-- Facebook button -->
		<div class="fb-like" data-href="https://namespacestudio.com" data-width="75" data-layout="button" data-action="like" data-size="small" data-show-faces="true" data-share="true"></div>
		
		<!--Featured image-->
		<div class="homeblog-featured-image"><center><?php the_post_thumbnail(); ?></center></div>
		
		<!--Post teaser and read more button-->
		<div class="namespace-pager">
			<?php the_content( $more_link_text , $strip_teaser ); ?>

			<?php endwhile; ?>

			<?php if ($paged > 1) { ?>

			<nav id="nav-posts">
				<div class="prev"><?php next_posts_link('<i class="fa fa-arrow-circle-left" aria-hidden="true"></i> Previous Posts'); ?></div>
				<div class="next"><?php previous_posts_link('Newer Posts &raquo;'); ?></div>
			</nav>

			<?php } else { ?>

			<nav id="nav-posts">
				<div class="prev"><?php next_posts_link('<i class="fa fa-arrow-circle-left" aria-hidden="true"></i> Previous Posts'); ?></div>
			</nav>

			<?php } ?>

			<?php wp_reset_postdata(); ?>
		</div>

	</article>