This paper investigates acoustic wave propagation in wet rigid-frame porous media accounting for evaporation and condensation. At equilibrium, the solid walls are covered by a thin water film, and water vapor in the air is at its temperature-dependent saturation pressure. Small acoustic perturbations cause water to vaporize or condense, which together with the reversibility of the phase change, lead to a linear problem where the usual local poro-acoustics physics is enriched with the (i) Clapeyron relation linking liquid-wall temperature, vapor pressure, and latent heat of vaporization, (ii) latent heat transfer in the solid frame, (iii) diffusion equation for water vapor in air, and (iv) water vapor's equation of state. The equilibrium temperature highly influences the vapor concentration and the physical parameters of saturated moist air. Using the two-scale asymptotic homogenization method, it is shown that the dynamic permeability is determined similarly to classical porous media, while the effective compressibility is modified by evaporation/condensation and the equilibrium temperature. This modification is influenced by vapor mass and heat flows associated with phase changes through a local fully coupled heat transfer and water vapor diffusion problem, with specific boundary conditions at the gas–water interface. The analysis identifies dimensionless parameters and characteristic frequencies defining the upscaled model's features. Depending on equilibrium temperature, the theory qualitatively and quantitatively determines the characteristics of acoustic waves propagating through the media. The results are illustrated and discussed with analytically developed models.