News Corp - NWSA STOCK NEWS

The latest Realtor.com® Monthly Housing Trends Report highlights a moderate rebound in buyer activity during March 2023, with active listings up by 59.9% year-over-year. However, new listings decreased by 20.1%, impacting overall supply. The national median listing price rose 6.3% to $424,000, yet the pace of price increases is slowing. Homes are selling faster than at the beginning of the year, averaging 54 days on the market. Despite the increase in active listings, total listings remain 49.6% below pre-pandemic levels. Buyers show sensitivity to mortgage rates, and higher financing costs may hinder further market recovery.

The February 2023 Rental Report by Realtor.com reveals that while median rent in the 50 largest U.S. metros has slightly declined to $1,716, affordability worsens, with typical renters spending 25.3% of their income on housing, up from 24.8% last year. Eight metros, including Miami and Los Angeles, see over 30% of income spent on rent. Despite a slowdown in rental price growth over the past year, rents remain significantly higher than pre-pandemic levels, increasing by 20.8% since 2020. The report highlights that affordability is deteriorating but at a slowing pace in many markets.

The American Australian Association has officially opened its new headquarters, named the Murdoch Center, in New York City, commemorating 75 years of U.S.-Australia relations. Established by Sir Keith Murdoch in 1948, the Center aims to strengthen ties through cultural and economic initiatives. The launch event featured notable attendees, including U.S. Ambassador Caroline Kennedy and Australian Ambassador Arthur Sinodinos, supported by significant grants from News Corp and Fox Corporation. The Center will also enhance scholarship programs, having awarded over US$15 million to scholars and artists, fostering collaboration across the two countries.

The U.S. housing market shows signs of recovery with active inventory increasing by 67.8% year-over-year in February, the sixth consecutive month of record growth. Major cities like Austin, Las Vegas, and San Antonio have surpassed pre-pandemic inventory levels. However, despite this increase, home prices continue to rise, albeit at a slower rate of 7.8%. With fewer homeowners listing their properties, sellers may need to adjust their expectations as homes are now taking over 67 days to sell, three weeks longer than last year.

Overall, the supply surge is primarily driven by reduced buyer interest due to high costs, leading to more price reductions.

News Corp has announced that its Chief Executive, Robert Thomson, will participate in the Morgan Stanley Technology, Media & Telecom Conference on Tuesday, March 7, 2023, at 2:40 PM PST. Investors and interested parties can listen to the live webcast through the News Corp website, with a replay expected to be available afterward. News Corp operates as a global, diversified media company focused on creating and distributing engaging content, with operations primarily in the United States, Australia, and the United Kingdom. More information can be found at News Corp's official website.

According to the Realtor.com® Monthly Rental Report released on February 24, 2023, Oklahoma City, Louisville, and Birmingham recorded the lowest monthly rents among the largest U.S. metros. Oklahoma City leads with a median rent of $982, with nine other cities reporting median rents under $1,300. While these markets offer affordability, competition is rising, leading to fast rent increases and less availability. In January 2023, the median asking rent in the 50 largest metros decreased 2.9% year-over-year to $1,726, marking a continual cooling trend with a drop from the August 2022 peak. The rental vacancy rate across affordable metros was notably higher than the national average.

News Corp has confirmed that it is no longer pursuing discussions with CoStar Group regarding the potential sale of Move, Inc., the operator of Realtor.com®.

The company remains committed to exploring opportunities that align with its strategy to enhance the value of its Digital Real Estate Services segment and maximize shareholder value moving forward.

News Corp will refrain from making additional comments on this topic until it deems appropriate or mandatory.