News Corp - NWS STOCK NEWS

News Corp CEO Robert Thomson praised Google's recent partnerships with news publishers, highlighting a critical shift towards valuing premium journalism. He emphasized the recognition of the editorial ecosystem's dysfunctionality and acknowledged upcoming complex negotiations. This statement underscores a pivotal moment for the media landscape, as it may lead to better compensation for quality journalism, setting a precedent for future collaborations.

The September Monthly Housing Trends Report from realtor.com® reveals that the usual seasonal drop in home buying is absent in 2020 due to pandemic-driven demand. Buyers now face 25% more competition and are paying $20,000 more for homes. Listings have decreased by 21% compared to the year's start, while home prices rose by 17%. Homes sold 12 days faster than expected, driven by high demand and low inventory. Notably, significant price increases were observed in major metros like Cincinnati (+16.9%) and Boston (+16.4%).

Realtor.com has reported a significant deurbanization trend in U.S. homebuying, driven by a desire for larger living spaces and remote work flexibility. Suburban home prices have surged by 3.2% since March, outperforming urban areas at 2.3%. The median suburban listing price rose 5.2% year-over-year, compared to 2.4% for urban homes. Suburban properties are selling 11.4% faster, while inventory is down 41.3%% in suburban areas, versus 34.3%% in urban areas. Strong demand for suburban homes is evident, impacting the real estate market significantly.

As of September 19, 2020, nearly 400,000 fewer homes were listed compared to last year, resulting in a 39% reduction in U.S. housing inventory. This scarcity has accelerated home prices, which rose by 11.1% year-over-year, with homes selling 12 days faster on average than in 2019. Realtor.com®'s Housing Market Recovery Index indicates a stronger market, now at 107.2 points, compared to pre-COVID levels. Despite these improvements, the number of new listings is down 15% from last year, leaving the market tight, especially with the ongoing challenges from the pandemic.

Home buying challenges intensified as home price growth soared to an 11% increase, the highest in two years, and inventory dropped by 39% year-over-year, according to realtor.com's Weekly Housing Report for the week ending Sept. 12. Natural disasters, including wildfires and hurricanes, contributed to a 17% decline in new listings. The Housing Market Recovery Index fell to 107.4 points, indicating a slight weakening but remaining 7.4 points stronger than pre-COVID levels. Fast home sales are now the norm, averaging just 54 days on the market.

Realtor.com^® has appointed Chris Patalano as its new chief technology officer, effective immediately. Patalano, who previously led engineering at Pandora and SiriusXM, will define the company's strategic technology roadmap. He aims to optimize realtor.com^®'s technology infrastructure and innovate consumer experiences. CEO David Doctorow expressed excitement about Patalano's expertise, expecting him to enhance the company's competitive edge in the real estate technology space. This hire concludes a series of leadership changes aimed at differentiating the company in the industry.

The August Monthly Housing Trends report from realtor.com® reveals a robust housing market, with the median listing price reaching a record $350,000, a 10% increase from last year. Home inventory decreased by 36% year-over-year, leading to heightened competition among buyers. Averaging 56 days on the market, homes are selling 5 days faster than in 2019. Notably, 49 of the 50 largest metro areas experienced price gains, with Philadelphia seeing the highest increase of 18.6%. Despite the surge in prices, demand continues to exceed supply, hinting at sustained buyer interest.

In realtor.com®'s Weekly Recovery Report for the week ending Aug. 22, 2020, home sales are accelerating, with properties selling nine days faster than last year. Despite a 37% drop in national inventory, buyer demand remains strong, creating a seller's market characterized by bidding wars. The Housing Market Recovery Index rose to 106.6, indicating growth above pre-COVID levels. Notably, median listing prices increased by 10.3% year-over-year, marking the fastest growth since January 2018. However, new listings fell by 13%, indicating potential challenges for future supply.