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News Corporation operates as a global diversified media and information services company with businesses in information services and news, digital real estate services, and book publishing. Company updates commonly address earnings performance across Dow Jones, Digital Real Estate Services and HarperCollins, as well as advertising trends, subscription and professional information products, and capital allocation through share repurchases.
News from its operating businesses also includes Realtor.com housing-market research and platform collaborations, HarperCollins title and imprint activity, and content relationships tied to artificial intelligence. News Corp operates primarily in the United States, Australia and the United Kingdom, while distributing its content, data products and publishing catalog worldwide.
Realtor.com®'s new study reveals that only 40% of newly licensed real estate agents are confident in pursuing a long-term career in the industry. The survey of over 2,000 agents highlights challenges such as lead generation and knowledge gaps. Successful agents often work full-time, utilize mentorship, and spend considerably on marketing. Key findings indicate that experienced agents face dual challenges of competition and lead quality. With 60% of all agents struggling to find new leads, the need for effective networking and marketing strategies is critical for agent success.
In October 2022, active home listings in the U.S. surged 33.5% year-over-year, reaching the highest level since 2020, according to Realtor.com. Despite this increase, affordability remains a concern with mortgage payments soaring nearly $1,000 since last year. The median listing price stayed flat at $425,000, reflecting a 13.3% annual rise. New listings dropped 15.9%, indicating a cooling market. Declines were seen in pending listings, primarily driven by higher mortgage costs and reduced buying power. Buyers are increasingly exploring affordable markets, leading to heightened interest in well-priced homes.
News Corp will disclose its first quarter Fiscal 2023 results on November 8, 2022, at 5:00 p.m. EST. CEO Robert Thomson and CFO Susan Panuccio will present the results through a live audio webcast. Interested parties can register at this link. An archived version will also be available later on the company's investor relations website. News Corp is a diversified media and information services company with operations primarily in the U.S., Australia, and the U.K., focusing on authoritative content and digital services.
Realtor.com® has launched a new marketing campaign featuring a 'house whisperer' designed to assist homebuyers in navigating today's challenging housing market. This campaign, developed with Erich and Kallman, includes TV spots and online content, showcasing valuable tools like RealEstimateSM and Buying Power to empower buyers. With mortgage rates at a 20-year high and home prices surging, the campaign aims to provide trustworthy guidance during a tumultuous time. Chief Marketing Officer Mickey Neuberger emphasizes the importance of being a reliable resource for consumers in their home buying journey.
The U.S. rental market showed signs of cooling in September 2022, with median rental prices reaching $1,759, marking a year-over-year increase of 7.8%, the smallest since June 2021. This decline follows July's peak and indicates a shift towards more typical seasonal trends. Notably, two-bedroom and one-bedroom rents increased at a single-digit pace, while studio rents maintained double-digit annual growth at 10.1%. Despite the moderation, rental affordability remains a challenge due to higher costs compared to 2020 levels, as inflation continues to outpace wage growth.
On October 3, 2022, HarperCollins Focus announced its acquisition of Cider Mill Press Book Publishers, known for high-quality gift books, including cookbooks and children's classics. This strategic acquisition aims to enhance HarperCollins Focus's gift and children's product offerings. Cider Mill's founder, John Whalen Jr., will remain as a consultant, and his son, John Whalen III, will lead both Cider Mill Press and Applesauce Press. Current distribution agreements will remain intact for six months, ensuring a smooth transition.
The U.S. housing market saw a 26.9% increase in active listings year-over-year in September 2022, with home prices rising by 13.9% to a median of $427,000. Although listing price growth remains robust, it shows a moderation compared to earlier peaks, suggesting potentially more affordable options ahead for buyers. Notably, new listings decreased by 9.8%, reflecting declining seller sentiment. The typical home spent 50 days on the market, a slight increase from last year, indicating buyers now have more time to decide.
In August 2022, the U.S. median rental price reached $1,771, consuming an average of 26.4% of household budgets, up from 25.7% a year prior. Coastal metros like Miami and Los Angeles reported the highest rent-to-income ratios, with Miami hitting 46.5%. Despite a slight decline in median rent for the first time since November 2021, affordability worsened nationwide. Year-over-year rent growth moderated to 9.8%, yet overall rents remain over 20% higher compared to August 2020. Many renters are financially strained, as 60% cite higher costs as their primary concern.
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News Corp has announced that CEO Robert Thomson will participate in the Goldman Sachs Communacopia + Technology Conference on September 14, 2022. The session is scheduled to start at 12:15 PM EDT (9:15 AM PDT). A live webcast will be available on the News Corp website, and a replay is expected to be accessible afterward. News Corp, trading under NWS and NWSA, is a global media company focused on diverse content creation and distribution, operating primarily in the US, Australia, and the UK.