News Corp - NWSA STOCK NEWS

Realtor.com has launched a new buying power tool aimed at helping home shoppers filter listings based on affordability. This innovative feature allows users to categorize homes as 'affordable,' 'a stretch,' 'difficult,' or 'out of reach' by inputting their financial details, current mortgage rates, and associated costs. Surveys indicate that 68% of shoppers are surprised by their affordability, with many unaware of hidden costs like taxes and HOA fees. This tool empowers buyers to make informed decisions amidst rising interest rates and increases transparency in the home-buying process.

News Corp will announce its fourth quarter and full year Fiscal 2022 results on August 8, 2022. CEO Robert Thomson and CFO Susan Panuccio will discuss the results during a call at 5:00 p.m. EDT. Analysts and media can join the call on a listen-only basis. A live audio webcast will be available on the company’s investor relations website. Participants can access the call by phone using specific numbers for U.S. and non-U.S. callers. A replay will be accessible three hours post-call for ten business days. Further details are available on the investor website.

In June 2022, the U.S. median rental price reached $1,876, a 14.1% increase year-over-year, while starter homeownership costs surged to an average of 29.9% ($561) above rents. This widening gap of 25.5 percentage points from January to June highlights the impact of higher mortgage rates, which increased over two percentage points in the same period. An analysis indicates that more than 75% of the largest U.S. metros favored renting over buying, with significant disparities in major tech cities. The trend underscores a shift in housing affordability, favoring renters over first-time buyers.

Private Equity News has unveiled a brand refresh and published its annual list of "The Rising Stars of Private Equity" recognizing 25 young professionals excelling in the European private equity sector. Despite challenging economic conditions, many nominees received promotions and increased responsibilities. The publication offers a revamped digital experience and a new monthly format, doubling its size. This recognition highlights significant achievements within the private equity community and is considered a prestigious accolade.

In June 2022, U.S. active home inventory rose by 18.7% year-over-year, reaching its highest historical increase. The national median listing price also hit a record high of $450,000, up 16.9% from last year. New listings surged by 4.5%, driven by sellers entering the market at pre-COVID levels. The share of larger homes (over 1,750 sq. ft.) in new listings increased, contributing to higher overall asking prices despite cooling demand. Pending listings, however, fell by 16.3%, indicating a slowdown in home sales.

The U.S. median rental price reached a record high of $1,849 in May 2022, marking a 26.6% increase since 2019. Despite a 15.5% year-over-year growth in rents for the tenth consecutive month, this rise is the smallest since September 2021, suggesting a potential cooling trend. Notably, rental markets in Miami and Orlando experienced significant spikes of 45.8% and 28.4%, respectively. The report highlights a concerning affordability challenge as rising inflation continues to strain renters' finances.

Realtor.com® has updated its 2022 housing forecast, expecting a 15.0% increase in existing home inventory due to a deceleration in buyer demand, with home sales projected to drop by 6.7% compared to 2021. Rising inflation and mortgage rates, now averaging 5.5%, are impacting affordability as home prices are expected to rise by 6.6%, more than double the original forecast. Despite these challenges, the market may provide buyers opportunities later in the year as inventory rebounds.

News Corp announced that Almar Latour, CEO of Dow Jones and Publisher of The Wall Street Journal, will speak at the Credit Suisse 24th Annual Communications Conference on June 15, 2022, at 9:30 am ET. The conference will be virtual, and interested parties can access the live webcast through the News Corp website. A replay will be available after the event. News Corp is a diversified media and information services company operating across various sectors, including digital real estate and news services.

On June 8, 2022, Move, Inc., a subsidiary of News Corp, announced the acquisition of UpNest, a platform connecting home sellers with local real estate agents. This strategic move aims to enhance Realtor.com®'s services by providing more choices for sellers and agents. UpNest has enabled approximately 1 million agent proposals since its launch, showcasing strong market demand. The integration is expected to strengthen Realtor.com's seller strategy and expand its customer base. Financial terms of the deal remain undisclosed.