News Corp Stock Price, News & Analysis

Realtor.com® has launched Renovation Designer, a generative AI design tool powered by Hover. This innovative feature allows homeowners to visualize realistic exterior and interior home renovations before investing time and money. Users can access the tool by claiming their home within My Home on Realtor.com® and uploading photos of their property.

Key features include:

• Instant project visualization for easy decision-making
• Extensive design options with realistic representations
• User-friendly interface with professional-grade visualizations

Realtor.com's August Housing Report reveals significant changes in the U.S. housing market. Active inventory grew by 35.8% year-over-year, marking the 10th consecutive month of growth. However, new listings decreased by 0.9% compared to last year. The median list price fell 1.3% to $429,990, while the median price per square foot increased by 2.3%. Homes spent an average of 53 days on the market, the slowest August in five years.

Notable trends include:

• Inventory growth was highest in the $200,000 to $350,000 range
• Price reductions increased to 19.2% of listings
• The South and West regions are closest to pre-pandemic inventory levels
• Tampa, San Diego, and Orlando saw the highest inventory growth

These trends suggest a shift towards a more balanced market between buyers and sellers, with falling mortgage rates potentially leading to increased activity in the coming months.

News Corp announced that Move, Inc., the operator of Realtor.com®, will participate in the Goldman Sachs Communacopia + Technology Conference on Monday, September 9, 2024. CEO Damian Eales will represent Move, Inc. during the event. The session is scheduled to start at 4:45 PM EDT (1:45 PM PDT).

Interested parties can listen to the live webcast by visiting the News Corp website at https://investors.newscorp.com/calendar-events. A replay of the webcast will be available at the same location for a time after the conference.

Dow Jones has announced the creation of the Dow Jones Leadership Institute, a new commercial venture focused on executive learning and leadership, set to launch in 2025. The Institute will be led by Alan Murray, former CEO of Fortune Media and long-time veteran of The Wall Street Journal.

The Institute aims to provide real-time resources for business leaders navigating transformative technologies, energy transition, geopolitical conflicts, and political tumult. It will build on existing efforts such as The Wall Street Journal CEO Council and other executive networks to offer peer-to-peer learning, real-time data analysis, thought leadership, and executive education.

Murray joins Dow Jones after a successful tenure at Fortune Media, where he expanded digital and conference franchises. The Institute's goal is to help leaders profitably solve problems of people and planet while creating value for the future.

Realtor.com® has released its 2024 Hottest ZIP Codes Report, with Gahanna, Ohio (43230) taking the top spot for the second consecutive year. The report highlights that the Midwest and Northeast dominate this year's list, reflecting a focus on affordability and value in larger metros. Key findings include:

1. Seven of the top 10 ZIPs are in the Northeast, with three in Massachusetts.
2. Midwest holds three spots, including Columbus, Ohio, which has been on the list since 2017.
3. Southern and Western regions are not represented this year.
4. Top ZIPs offer lower median list prices compared to national and metro averages.
5. Homes in these ZIPs spent an average of 13 days on the market, 32 days less than the national median.
6. Buyers in these areas have higher average credit scores (757) and down payments (16.7%) compared to national averages.

Realtor.com®'s July Rental Report reveals that renting remains more affordable than buying in all 50 largest U.S. metros, a trend continuing since February. Elevated mortgage rates and high home prices contribute to over $1,000 in monthly savings by renting. The top metros with the highest rent-to-buy savings are Austin, TX, Seattle, WA, and Los Angeles, CA, with monthly savings of $2,120, $2,222, and $2,784, respectively. Despite overall rent declines for 12 consecutive months, the advantage of renting over buying is shrinking in some areas due to increasing affordable inventory. The report highlights that the monthly cost of buying a starter home is 61.3% higher than renting. However, this trend may change as affordable inventory continues to increase, easing the financial burden on first-time homebuyers.

Realtor.com's 2024 Forecast Update predicts positive year-over-year gains for home price growth and inventory. Key points include:

1. For-sale inventory is expected to increase by 14.5% year-over-year, a significant revision from the initial forecast of a 14% decline.

2. Existing home median sales price is projected to rise by 4.6% year-over-year, despite high mortgage rates and longer market times.

3. Mortgage rates are forecasted to average 6.7% throughout the year, ending at 6.3%.

4. Annual home sales are expected to see a modest 0.8% increase to 4.1 million units.

5. The forecast reflects a resilient U.S. economy and an undersupplied housing market, with only 12 of the 50 largest markets back to or above pre-pandemic inventory levels.

News (NWS) reported its fiscal 2024 fourth quarter and full year results, showing a 6% increase in quarter revenues to $2.58 billion, driven by Digital Real Estate Services and Book Publishing. Net income improved to $71 million from a loss of $32 million in the prior year. Total Segment EBITDA rose to $380 million, an 11% increase. Adjusted EPS for the quarter were $0.17, up from $0.14.

For the full year, revenues grew 2% to $10.09 billion. Net income surged 89% to $354 million. Total Segment EBITDA increased by 8% to $1.54 billion. The Dow Jones segment saw notable growth in its professional information business. Book Publishing revenues rose 15% in Q4, with digital audiobooks outpacing e-books for the first time.

Foxtel Group achieved a record 3.2 million streaming subscribers. News Corp also announced a multi-year partnership with OpenAI, signaling a future focus on AI in journalism.

Realtor.com® has released a new report highlighting the Top 10 Most Popular Markets for Online Home Searchers in the U.S. The ranking is based on online traffic data, views per property, and a newly developed regional traffic concentration index. Columbus, Ohio claimed the top spot, followed by Knoxville, Tennessee, and Louisville, Kentucky.

The report reveals a trend towards second cities in the South, Midwest, and Northeast, which offer a mix of affordability and growing inventory. These markets attract both local home shoppers and those considering relocation. Notable findings include:

• Midwest cities like Columbus and Detroit rank high due to affordability
• Southern markets such as Knoxville and Tampa offer warm climates and relatively affordable prices
• Pittsburgh emerged as the most popular Northeast market, appealing to college graduates
• Charleston, SC and Louisville, KY show the most geographically diverse interest from searchers