News Corp Stock Price, News & Analysis

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

Realtor.com's July 2024 housing report reveals a more buyer-friendly market with rising inventory levels and price cut reductions. Key findings include:

- Active listings grew 36.6% year-over-year, reaching a post-pandemic high
- 18.9% of listings had price cuts, the highest rate since October
- Newly listed homes increased by 3.6% compared to last year
- Median days on market increased to 50 days, 5 days longer than July 2023
- The South and West regions saw the most inventory gains, with 47.6% and 35.4% growth respectively

These trends indicate a healing housing market becoming more balanced, offering buyers more options and potentially setting the stage for increased sales this fall if mortgage rates continue to decline.

Realtor.com® has released its Top 10 Markets for Renters report, highlighting cities in the South and Midwest as prime destinations for renters. Austin, Texas tops the list, followed by Oklahoma City and Birmingham, Alabama. These markets offer a combination of affordable rental options, economic opportunity, and short commutes.

Key findings include:

• Average rent-to-income ratio of 21.0% in top markets
• Average rental vacancy rate of 8.8%, surpassing national averages
• Average forecasted 2024 unemployment rate of 3.3%
• Average expected commute time of 25 minutes in 2024

The report emphasizes the importance of rental affordability, availability, economic growth, and quality of life factors in determining the best markets for renters.

News Corp (NWS) has announced it will release its fourth quarter and full year Fiscal 2024 results on Thursday, August 8, 2024. CEO Robert Thomson and CFO Susan Panuccio will host a live audio webcast at 5:00 p.m. EDT (7:00 a.m. AEST on August 9 in Sydney) to discuss the results. Investors and interested parties can register for the webcast using the provided link. The earnings release will be available on the company's investor relations website prior to the call, and an archived version of the webcast will be accessible afterwards. A replay of the call will also be made available shortly after its conclusion.

Realtor.com's June Rental Report reveals a 0.4% decline in median asking rent to $1,743, marking the 11th consecutive month of decreases. Despite this trend, rents remain 21.2% ($305) higher than pre-pandemic levels. The South experienced the largest declines, while the Midwest saw increases. Tampa, Florida, led with a 39.5% increase compared to 2019.

Key findings include:

• All unit sizes saw rent declines, with studios falling 1.2% year-over-year
• Half of the top 10 markets with highest rent increases since 2019 are in the South
• Despite recent declines, rents are still significantly higher than pre-pandemic levels in many areas

The report highlights the need for increased rental supply to address affordability concerns and prevent renters from allocating a larger portion of their income to housing costs.

According to Realtor.com's June housing report, the number of homes for sale surged by 36.7% year-over-year. Median days on the market increased to 45 days, indicating a more buyer-friendly environment. Inventory rises were most significant in Tampa (92.7%), Orlando (81.8%), and Phoenix (77.3%). Despite the increase, inventory remains below pre-pandemic levels. The South and West recorded the highest inventory growth at 48.7% and 36.5%, respectively. List prices rose in the Northeast, Midwest, and West, but fell by 1.9% in the South. The typical home took 45 days to sell, two days longer than the previous year.