Lots of housing markets are still affordable

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.

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