Pending home sales improved slightly in May, meaning more offers were accepted but not finalized on existing homes than the month before, according to the National Association of Realtors. But compared to the same month a year ago, pending sales were down for the 17th month in a row. One explanation: rising home prices. A separate report out Thursday from Attom Data Solutions found that a median-priced house in a growing number of markets is unaffordable for a typical household. Still, that leaves a quarter of markets affordable, including cities like Houston, Detroit and Philadelphia.
Click the audio player above to hear the full story.
As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.
Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.
Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.