While existing home sales have fallen month-over-month since the beginning of the year, prices hit a record high above $400,000 in May, according to the National Association of Realtors, as low levels of housing inventory and supply chain constraints have created an affordability squeeze for homebuyers. Mortgage rates have nearly doubled in the last six months — from 3% in 2021 to close to 6% in 2022 — making it increasingly challenging for many Americans to purchase a home, especially for those with limited income.

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