News Corp Stock Price, News & Analysis

The latest Realtor.com® Monthly Rental Report reveals that renting is significantly cheaper than buying a starter home in many U.S. metros as of December 2022. Renters saved an average of 41.4% ($792) compared to first-time homebuyers, with Austin, Texas (121.3% savings) leading the way. Nationwide, the median rent was $1,712, while typical monthly starter home payments rose 37.4% year-over-year to $2,504. Despite lower rent growth (+3.2%), rental affordability remains a pressing issue. The report indicates that, among 50 major markets, renting was more affordable in 45, a considerable increase from 30 last year, driven by high mortgage rates.

Realtor.com has identified the 10 best markets for first-time homebuyers in 2023, aiming to assist buyers amidst rising affordability challenges. The top locations ranked include Portsmouth, VA, DeForest, WI, and Windsor Locks, CT, highlighting regions with strong job opportunities, shorter commute times, and an abundance of amenities. These markets offer an average of 47.8 listings per 1,000 households, exceeding the national average of 45.2, and a forecasted home sales growth of 1.2%, significantly better than the national decline of 14.1%. This report emphasizes the importance of community and economic viability for buyers.

The U.S. housing market showed signs of normalizing in December 2022, with a 54.7% increase in active listings year-over-year, but still 38.2% lower than pre-pandemic levels. The median listing price rose 8.4% to $400,000, marking the first time in a year that annual growth fell below double digits. Homes spent an average of 67 days on the market, 11 days longer than last year. The share of listings with price reductions increased to 13.6%. Market demand has softened, yet prices remain significantly higher than in 2019.

Realtor.com® has launched enhanced listing intelligence features to support real estate professionals in a challenging market. Offering predictive insights, these tools help agents showcase their market knowledge and improve client services. Key features include buyer info, demand analysis by ZIP code, listing performance scores, and tracking market trends like median days on market. Available at no cost through the Realtor.com® Pro Dashboard, these tools aim to assist agents in converting leads and managing seller expectations effectively.

Emma Tucker has been appointed as the next Editor-in-Chief of The Wall Street Journal and Dow Jones Newswires, effective February 1, 2023. She succeeds Matt Murray, who transitions to a new role at News Corp on March 1, 2023. Under Murray's leadership since 2018, digital subscriptions nearly doubled to 3.2 million, while the Journal won multiple prestigious awards. Tucker's previous role as editor of The Sunday Times saw similar growth, with digital subscriptions increasing by over 40% since 2019. The transition has been unanimously approved by the Dow Jones Special Committee.

The 2023 Top Housing Markets forecast from Realtor.com identifies Hartford-West Hartford, Conn., and El Paso, Texas, as prime areas for home price appreciation and sales growth. These regions are projected to see home sales grow by 5.2% and a 7.3% increase in average home prices, despite a national decline in sales. The markets boast better affordability, with 23% of inventory affordable at the median income, compared to 17% nationally. Factors like a focus on domestic industries and high demand from out-of-state buyers enhance their attractiveness.

News Corporation's Special Committee, comprising independent directors, is reviewing a potential transaction with Fox Corporation following inquiries from K. Rupert Murdoch and the Murdoch Family Trust. The committee is tasked with evaluating the proposal and has retained PJT Partners and Sullivan & Cromwell LLP as advisors. It is noted that any transaction will require approval from non-affiliated stockholders, and no determination has been made yet regarding the proposed combination. Updates will be provided as deemed necessary.

The Realtor.com® 2023 Housing Forecast highlights a challenging year for homebuyers amid ongoing inflation and rising mortgage rates, projected at an average of 7.4%. Home sales prices are expected to rise by 5.4%, while sales are forecasted to decline by 14.1% to 4.53 million, the lowest since 2012. Existing home inventory is anticipated to increase by 22.8%. Despite higher costs, the typical homeowner is expected to gain approximately $25,650 in equity. Overall, buyers should prepare for a slower-paced market as affordability remains a primary concern.