News Corp - NWS STOCK NEWS

Move, Inc., operator of realtor.com®, has acquired Avail, a Chicago-based platform enhancing the renting experience for DIY landlords and tenants. This acquisition aims to expand realtor.com®'s presence in the rental market, which is worth over $500 billion annually. Avail's tools assist landlords in managing properties effectively, with 90% using its free services. CEO David Doctorow highlighted the strategic importance of this acquisition in meeting the needs of a growing and underserved market. The acquisition terms remain undisclosed, but it is expected to bolster rental listing content and increase brand loyalty.

Realtor.com®'s analysis reveals that homes in high-risk flood zones have seen a sales price growth lagging by 5 percentage points compared to lower-risk homes over the past five years. For fire-prone properties, the gap stands at 3 percentage points. Despite a national surge in home prices in 2020, growth is expected to slow, particularly in disaster-prone areas. The report emphasizes the need for homebuyers to consider additional costs associated with insurance and mitigation when purchasing such properties. This trend is observable in states like California, Delaware, and Florida.

Realtor.com® has identified the top real estate markets for 2021, highlighting cities like Sacramento, San Jose, and Charlotte. These markets are projected to see a 6.9% increase in home prices and 13.1% rise in sales year-over-year, surpassing national averages. Key factors driving growth include the presence of high-paying tech jobs and relative affordability, particularly appealing to young homebuyers. Sacramento leads the list with a combined sales and price growth of 24.6%, supported by remote work trends.

The realtor.com® 2021 housing forecast predicts a 5.7% increase in existing home prices amidst strong buyer competition, despite looming affordability challenges due to rising interest rates projected to reach 3.4% by year-end. Existing home sales are expected to rise 7%, with single-family housing starts increasing by 9%. The recovery in housing inventory will be gradual, offering buyers some relief. However, millennial and Gen Z first-time buyers may struggle most with affordability as market dynamics shift towards a more normalized state.

News Corp's CEO, Robert Thomson, criticized Bertelsmann's acquisition of Simon & Schuster, suggesting it undermines market competition. He argued the deal would create a dominant force in the U.S. literary market, controlling 70% of the sector. Thomson expressed concerns over the long-term implications for distributors, retailers, and authors, indicating a potential detriment to the industry.

News Corp operates across various media sectors, including digital real estate and book publishing, and focuses on delivering authoritative content globally.

In the week ending Nov 14, home prices showed signs of seasonal slowdown, growing by 12.6% compared to 12.9% the previous week. This marks the 14th consecutive week of double-digit price growth, with peaks around $350,000. Despite 7% fewer new listings than last week, median listing prices remain elevated. The housing market recovery index increased to 110.7, indicating ongoing strength. However, rising COVID-19 cases could challenge sales activity, suggesting a potential slowdown in the coming months.

Realtor.com has identified the top suburbs offering affordable space near the nation's largest metros as Americans seek more room at home during the pandemic. Homebuyers can save an average of 29% per square foot in these areas. For example, Fullerton, CA offers homes at $304,000 less than Los Angeles, while Clark, NJ offers savings of nearly $250,000. The report analyzes prices of single-family homes within 25 miles of 10 major metros, highlighting substantial savings and increased square footage for buyers.

In October 2020, rents in tech hubs like San Francisco saw significant declines, with studio apartments dropping by 33.3% year-over-year. The median studio rent fell to $1,316, while one-bedroom rents increased by 1.1% to $1,495. Nationally, rent growth is still below pre-COVID levels, but decreases are slowing. The shift towards remote work has led renters to seek more space, especially in urban areas. This trend is reflected in rising two-bedroom rents, which may soon return to pre-COVID growth rates.

Buyers and sellers paused in the housing market last week, impacted by the presidential election and rising coronavirus cases, as reported by realtor.com® for the week ending Nov. 7. New listings fell 12%, contributing to a 39% year-over-year drop in total homes for sale. Despite this, home prices continued their double-digit growth, increasing by 12.9%. The average time on the market decreased to 13 days. realtor.com's Housing Market Recovery Index dipped to 108.0, highlighting a slight slowdown after October's peak, yet indicating strong performance compared to pre-pandemic levels.