News Corp Stock Price, News & Analysis

According to the October Rental Report from Realtor.com®, rent growth has slowed to 4.7% year-over-year, the lowest in 18 months, with the median U.S. rent at $1,734. Despite this relief, nearly 70% of renters are considering moving for more affordable options. While most landlords are poised to increase rents within the next year, the rate of increases is decreasing. The report highlights ongoing affordability challenges amid high inflation, with renters saving a mere $100 monthly, impacting their ability to consider home purchases.

New data from Realtor.com reveals a shifting trend in homebuyer preferences, with a noticeable preference for homes with lower climate risks such as flooding and wildfires. Homes at low flood risk appreciate 1.5 percentage points faster than those at high risk. This gap widened to 1.7 points during the last flood season. Wildfire risk sees an even greater appreciation difference of 3.7 points. Also, 71% of recent homebuyers are considering natural disaster risks when relocating, indicating a growing awareness of environmental factors influencing home values.

News Corporation reported fiscal 2023 first-quarter revenues of $2.48 billion, down 1% from $2.50 billion last year, influenced by $153 million in foreign currency losses. Net income plummeted 75% to $66 million, while Total Segment EBITDA fell 15% to $350 million. Dow Jones segment revenues surged 16% to $515 million, driven by strong digital subscriptions and acquisitions. Adjusted revenues rose 3%, with adjusted EPS at $0.12, down from $0.23. The company is actively exploring a potential merger with Fox Corporation, signaling ongoing strategic evaluations.

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 RealEstimate^SM 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.

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.