Buying is gaining ground as the rent advantage shrinks in 37 of the 50 largest U.S. metrosAUSTIN, Texas, July 17, 2025 /PRNewswire/ -- The latest Realtor.com® Rental Report for June 2025 shows that the median asking rent for 0–2 bedrooms is down 2.1% year over year to $1,711. And, even after 23 straight months of annual declines, the U.S. median rent in June was only $48 (-2.7%) below its August 2022 peak. Compared to pre-pandemic levels, rents are still up by $268 (18.6%) over June 2019. In a twist that co ...

Core Insights - The real estate market is experiencing a stand-off between buyers and sellers, with active inventory increasing while delistings are also on the rise, indicating sellers' impatience with the market conditions [1][2][7] Market Dynamics - Active inventory rose 28.1% year-over-year, reaching a post-pandemic high, while delistings increased by 47% year-over-year in May, suggesting a growing trend of sellers withdrawing listings [1][7] - The ratio of delistings to new listings reached 13% in spring 2025, indicating that for every 100 new listings, approximately 13 homes were pulled from the market [9] Pricing Trends - The national median listing price remained stable at $440,950, reflecting a slight increase of 0.1% from the previous year, despite a significant number of price reductions [6][5] - In June, 20.7% of listings experienced price reductions, marking the highest share for any June since at least 2016 [5] Regional Insights - Inventory growth was observed across all four major U.S. regions, with the West seeing a 38% increase and the South nearly 30% [4] - Las Vegas and Washington, D.C. led the top 50 metros in active inventory gains, with increases of 77.6% and 63.6% year-over-year, respectively [4] Seller Behavior - Many sellers are holding out for peak prices, leading to a cautious approach in adjusting expectations, as they prefer to withdraw listings rather than lower prices [2][11] - The market has shifted from urgency to a more balanced dynamic, with both buyers and sellers recalibrating their strategies [11]

Core Insights - The U.S. housing market is experiencing a significant recovery in active inventory, with 22 of the 50 largest metros showing more listings than pre-pandemic levels, led by Denver, Austin, and Seattle [1][2] Inventory Growth - Denver has seen a 100% increase in available homes compared to pre-pandemic averages, followed by Austin at 69% and Seattle at 60.9% [1][4] - Other notable metros include Dallas-Fort Worth (+55.5%), San Antonio (+58.3%), and San Francisco (+53.5%) [4] Market Dynamics - The increase in inventory is attributed to a combination of affordability concerns slowing buyer demand and a rise in new housing construction over the past six years [2][5] - Longer selling times in many Western and Southern metros are contributing to the accumulation of active inventory, indicating a cooling demand [6] Buyer Market Conditions - Although the U.S. housing market is not officially in a buyer's market, conditions are shifting favorably for buyers, with more options and increased willingness from sellers to negotiate [7] - The current supply stands at 4.6 months, still below the 6-month threshold typically defining a buyer's market, but the landscape is evolving towards a more balanced market [7] Regional Variations - The recovery in inventory is not uniform across all metros, with some markets normalizing rapidly while others remain constrained by low supply [2][5] - The nationwide shortage of nearly 4 million homes continues to impact local market conditions, making regional trends critical for buyers and sellers [7]

Core Insights - The affordability of housing in major U.S. metros is severely constrained, with the typical household needing to spend 44.6% of their income to afford a median-priced home as of May 2025, significantly above the recommended 30% threshold [1][8] - Only three major metropolitan areas—Pittsburgh, Detroit, and St. Louis—allow median-income earners to purchase a median-priced home without exceeding 30% of their income [3][4] - High mortgage rates and home prices are the primary factors contributing to the lack of affordability in most large metros, with the average mortgage rate at 6.82% as of May 2025 [3][7] Affordability Analysis - In Pittsburgh, the median listing price is $249,900, requiring 27.4% of household income; in Detroit, it's $270,000 (29.8%); and in St. Louis, $299,900 (30.0%) [4][6] - Conversely, in Los Angeles, the median home price is $1,195,000, necessitating over 104% of the area's median income, indicating extreme unaffordability [5][6] - Other high-cost metros include San Diego, San Jose, New York, and Boston, all with affordability ratios exceeding 60% [5][6] Market Dynamics - Demand for affordable homes is increasing, particularly in the Midwest, where some markets still offer pathways to homeownership for median-income households [2][5] - The coastal markets, particularly in California, are experiencing a significant affordability crisis, with a high percentage of renters compared to homeowners [5][6] - The overall national median home price is $440,000, with a monthly payment of $2,930, reflecting the broader affordability challenges across the country [8] Potential Solutions - To improve housing affordability, strategies could include raising incomes or lowering housing costs through reduced mortgage rates or home prices [7] - Increasing the supply of affordable homes is critical, as many markets face a growing home supply gap, which has kept prices high [7]

Core Insights - The U.S. housing market is experiencing a recovery that is unevenly distributed across different regions, with the South and West showing significant rebounds while the Northeast and Midwest lag behind [1][2][3] Market Overview - The number of homes for sale in the U.S. exceeded 1 million for the first time since Winter 2019, indicating a growing inventory [1][5] - The median listing price in May 2025 was $440,000, reflecting a 2.0% increase from April 2025 and a 37.5% increase from May 2019 [2][5] - Active listings reached 1,036,101, an 8.0% increase month-over-month and a 31.5% increase year-over-year [2][5] Regional Performance - All 50 largest U.S. metros reported annual inventory gains in May 2025, but only 22 have returned to pre-pandemic inventory levels, all located in the South or West [3][7] - Cities like Denver, Austin, and Seattle have seen substantial inventory increases due to a post-2020 construction boom, with Denver showing a 100.0% increase compared to pre-pandemic levels [3][10] - Conversely, metros such as Hartford, Chicago, and Virginia Beach have seen significant declines in inventory, with Hartford down 77.7% [3][10] Buyer Dynamics - Increased inventory has provided buyers with more options, but affordability remains a significant barrier, with homes taking a median of 51 days to sell, which is six days longer than the previous year [5][6] - In May 2025, 19.1% of listings had price reductions, the highest share for any May since at least 2016, with notable reductions in markets like Phoenix and Tampa [6][11] Construction Trends - The analysis indicates a strong correlation between pandemic-era construction activity and current inventory levels, with markets that built more homes recovering faster [7][8] - A nationwide shortfall of nearly 4 million homes persists, particularly affecting supply-constrained regions in the Northeast and Midwest [8]

Core Insights - International demand for U.S. housing has increased, with 1.9% of online traffic from international home shoppers in Q1 2025, up from 1.7% in Q1 2024, despite a decline in Canadian demand from 40.7% to 34.7% [1][2] International Demand Trends - Canadian home shoppers remain the largest group of international traffic at 34.7%, followed by the UK (5.7%), Mexico (5.4%), Germany (3.8%), and Australia (3.2%) [2] - Miami is the most popular U.S. market for international shoppers, capturing 8.7% of international demand, followed by New York, Los Angeles, and Orlando [2] Canadian Buyer Preferences - Canadian buyers dominate international views in Naples, Florida (59.6%), Cape Coral (59.1%), Phoenix (57.5%), North Port (56.4%), and Riverside, California (52.2%) [3] Mexican Buyer Preferences - International traffic from Mexico decreased slightly from 5.8% to 5.4%, with top destinations being border cities like San Diego, San Antonio, Dallas, El Paso, and Houston [4][6] - Proximity, cultural connections, and established networks make U.S. border cities practical for Mexican buyers [5] Shift in Texas Markets - Texas markets, particularly Austin and San Antonio, have gained international interest, marking a shift as they entered the top 20 metros for the first time [7] - Dallas and Houston also saw notable gains in international traffic, with Dallas climbing three spots and Houston securing the sixth position [7][8] Top 20 Markets for International Home Shoppers - The top markets for international home shoppers in Q1 2025 include: - Miami-Fort Lauderdale-West Palm Beach, FL: 8.7% - New York-Newark-Jersey City, NY-NJ: 4.9% - Los Angeles-Long Beach-Anaheim, CA: 4.6% - Orlando-Kissimmee-Sanford, FL: 2.9% - Dallas-Fort Worth-Arlington, TX: 2.8% - Houston-Pasadena-The Woodlands, TX: 2.6% [9][10]

Core Insights - Realtor.com® has released its 2025 list of the Top Rental Markets for Recent College Graduates, with Austin, Texas ranked first due to its affordable living and job opportunities [1][3] - The rankings reflect a rental landscape influenced by decreasing rents and evolving job markets, focusing on cities that offer a balance of career prospects and lifestyle [1][4] Rental Market Overview - The top three rental markets are Austin, Texas; Raleigh, N.C.; and Overland Park, Kan., based on factors such as rent affordability, job availability, and social amenities [1][2] - Austin has the lowest rent-to-income ratio at 18.9%, indicating that graduates spend a smaller portion of their income on housing compared to the national average [3][4] Job Opportunities and Economic Growth - Cities like Raleigh (30.4%) and Austin (29.4%) have a high share of jobs requiring a bachelor's degree with no prior experience, indicating strong job availability for recent graduates [4][6] - The Indeed Job Index shows that markets like Richmond, Va., and Scottsdale, Ariz., have 26% more job opportunities compared to pre-pandemic levels, suggesting robust career growth potential [4][6] Rental Availability and Choices - Atlanta and Overland Park lead in rental availability with vacancy rates exceeding 9%, providing new renters with more options and bargaining power [5][6] - The increase in multifamily housing construction in these markets is expected to enhance inventory and reduce competition for rentals [5] Lifestyle and Community - The cities on the list not only offer affordable housing but also vibrant social scenes, networking opportunities, and reasonable commute times, enhancing the overall quality of life for graduates [7][6] - Overland Park has an average commute time of 22 minutes, while Minneapolis has a high share of recent grads at 6.3%, making it conducive for both career and social development [7][6]

Core Insights - A significant portion of U.S. homebuyers, 63.4%, anticipate a recession within the next year, the highest level of concern since 2019, yet nearly 30% believe a recession may increase their likelihood of purchasing a home, indicating a complex market dynamic [1][2][3] Buyer Sentiment - Economic anxiety is prevalent, with many buyers motivated by personal circumstances such as family growth or job changes, which may outweigh economic uncertainties [2][3] - 54.4% of buyers stated that a recession would not affect their home purchasing decisions, suggesting resilience in the housing market despite economic concerns [3][9] Market Conditions - The current housing market is characterized by limited inventory, with 44.3% of buyers citing a lack of suitable homes as a major concern, and total active inventory remaining 16.3% below historical norms [4][9] - Budget constraints are a significant issue for 36% of buyers, which could worsen if inflation rises or interest rates remain high [5] - The competitive nature of the market is easing, with only 7.7% of buyers concerned about overbidding, down from 10.4% the previous year, indicating a calmer market environment [6][9] Challenges in Financing - Credit-related challenges are becoming more pronounced, with 13.5% of buyers reporting poor credit scores as a barrier and 8.2% struggling with mortgage qualification [5]

Core Insights - National rents are becoming more affordable after pandemic-era spikes, with renters now spending 23.4% of their income on rent, down from 24.7% in April 2024 [1][3] - The median asking rent in April 2025 is $1,699, reflecting a slight increase of $5 from the previous month but remaining $60 below the peak in August 2022 [2][11] - The 30% rule indicates that most major U.S. metros are affordable for renters earning the typical household income, although rents are still approximately 20% above pre-pandemic levels [3][10] Rental Affordability Trends - Oklahoma City is the most affordable rental market, with median rent at $994, representing only 16.7% of the median household income [9][8] - Miami is the least affordable market, with median rent at $2,345, which is 1.3 times the estimated maximum affordable rent for median-income households [4][8] - Significant improvements in affordability have been noted in Southern markets like Miami and Tampa, as well as Western metros such as San Diego and Denver [3][8] Changes in Rent Burden - Five of the top 50 U.S. metros have a rent share exceeding 30% relative to median household income, indicating a slight improvement in affordability across these markets compared to last year [4][8] - The rent-to-income ratio has declined in major coastal and Southern California metros, signaling modest improvements in affordability [4][8] Market Dynamics - The national rental vacancy rate has increased to 7.1%, the highest since Q3 2018, creating a more favorable environment for renters [12] - An influx of new multifamily units is contributing to slower rental increases, easing pricing pressure [12][10] - April rents were $293 (20.8%) above pre-pandemic levels, but this increase is less than the 54% surge in the median price-per-square foot of for-sale homes over the same period [10][11]

Part I. Financial Information [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents News Corporation's unaudited Consolidated Financial Statements, including Statements of Operations, Balance Sheets, and Cash Flows, with the Foxtel Group classified as a discontinued operation Consolidated Statements of Operations Highlights (Unaudited, in millions, except per share amounts) | Metric | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | Change (%) | Nine Months Ended Mar 31, 2025 | Nine Months Ended Mar 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $2,009 | $1,994 | +0.8% | $6,343 | $6,160 | +3.0% | | **Net income from continuing operations** | $107 | $64 | +67.2% | $562 | $312 | +80.1% | | **Net income attributable to News Corporation stockholders** | $103 | $30 | +243.3% | $437 | $216 | +102.3% | | **Diluted EPS from continuing operations** | $0.14 | $0.07 | +100.0% | $0.75 | $0.39 | +92.3% | Consolidated Balance Sheet Highlights (Unaudited, in millions) | Account | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $2,095 | $1,872 | | Total current assets | $6,841 | $4,372 | | Goodwill | $4,285 | $4,336 | | Total assets | $16,580 | $16,684 | | Total current liabilities | $4,081 | $3,055 | | Total borrowings | $1,965 | $2,102 | | Total News Corporation stockholders' equity | $8,203 | $8,120 | Consolidated Statements of Cash Flows Highlights (Unaudited, in millions) | Cash Flow Activity | Nine Months Ended Mar 31, 2025 | Nine Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities from continuing operations | $789 | $721 | | Net cash used in investing activities from continuing operations | ($194) | ($296) | | Net cash used in financing activities from continuing operations | ($425) | ($322) | - The Foxtel Group's assets and liabilities are classified as held for sale, with results reported as discontinued operations following a definitive sale agreement to DAZN Group Limited that closed on April 2, 2025[24](index=24&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the financial performance for Q3 and 9M FY2025, highlighting revenue growth driven by Digital Real Estate, Book Publishing, and Dow Jones, alongside significant increases in net income from continuing operations [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Total revenues increased by **1% to $2.01 billion** in Q3 and **3% to $6.34 billion** for the nine months, driven by Digital Real Estate, Dow Jones, and Book Publishing, while net income from continuing operations significantly improved Consolidated Results of Operations (in millions) | Metric | Q3 FY25 | Q3 FY24 | % Change | 9M FY25 | 9M FY24 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $2,009 | $1,994 | 1% | $6,343 | $6,160 | 3% | | Net income from continuing operations | $107 | $64 | 67% | $562 | $312 | 80% | | Net income attributable to stockholders | $103 | $30 | 243% | $437 | $216 | 102% | - Quarterly revenue growth was driven by **Dow Jones** (higher circulation), **Digital Real Estate Services** (higher Australian residential revenues), and **Book Publishing** (acquisition impact), partially offset by lower advertising and circulation revenues at the News Media segment[121](index=121&type=chunk) - The nine-month increase in net income was significantly impacted by an **$87 million gain** from the sale of REA Group's interest in PropertyGuru[48](index=48&type=chunk)[107](index=107&type=chunk)[135](index=135&type=chunk) [Segment Analysis](index=33&type=section&id=Segment%20Analysis) Total Segment EBITDA increased **12% to $290 million** in Q3 and **17% to $1.09 billion** for the nine months, driven by strong performance across Dow Jones, Digital Real Estate Services, and Book Publishing, with News Media EBITDA also growing due to cost savings Segment EBITDA (in millions) | Segment | Q3 FY25 | Q3 FY24 | % Change | 9M FY25 | 9M FY24 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dow Jones | $132 | $118 | 12% | $437 | $405 | 8% | | Digital Real Estate Services | $124 | $104 | 19% | $449 | $373 | 20% | | Book Publishing | $64 | $62 | 3% | $246 | $212 | 16% | | News Media | $33 | $27 | 22% | $125 | $101 | 24% | | Other | ($63) | ($52) | (21)% | ($164) | ($158) | (4)% | | **Total Segment EBITDA** | **$290** | **$259** | **12%** | **$1,093** | **$933** | **17%** | - Dow Jones' digital revenues reached **82% of total revenues** in Q3, with consumer digital-only subscriptions growing **9% to 5.5 million**[150](index=150&type=chunk)[155](index=155&type=chunk) - Digital Real Estate Services' growth was led by **REA Group**, with revenues increasing **6%** despite currency impacts, while Move revenues grew **2%** amid a challenging U.S. housing market[160](index=160&type=chunk) - News Media's revenue declined **8%** due to lower advertising and printing contracts, but Segment EBITDA grew **22%** due to significant cost savings[168](index=168&type=chunk)[169](index=169&type=chunk) [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$2.1 billion** in cash, improved free cash flow to **$539 million**, and continued its capital return program, repurchasing **$115 million** in stock with **$345 million** remaining authorized - The company's principal source of liquidity is internally generated funds and cash on hand, totaling **$2.1 billion** as of March 31, 2025[176](index=176&type=chunk) Free Cash Flow Reconciliation (in millions) | Metric | Nine Months Ended Mar 31, 2025 | Nine Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities from continuing operations | $789 | $721 | | Less: Capital expenditures | ($250) | ($246) | | **Free cash flow** | **$539** | **$475** | Stock Repurchases (in millions) | Period | Shares Repurchased | Amount Paid | | :--- | :--- | :--- | | Q3 FY25 | 1.2 | $37 | | 9M FY25 | 4.0 | $115 | - As of March 31, 2025, approximately **$345 million** remained authorized under the stock Repurchase Program[179](index=179&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) There has been no material change in the company's assessment of its sensitivity to market risk since the disclosures in its FY2024 Form 10-K - There has been no material change in the Company's assessment of its sensitivity to market risk since its presentation in the **2024 Form 10-K**[197](index=197&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - The Company's Chief Executive Officer and Chief Financial Officer concluded that disclosure controls and procedures were effective as of the end of the quarter[198](index=198&type=chunk) - There were no material changes to the Company's internal control over financial reporting during the third quarter of fiscal 2025[199](index=199&type=chunk) Part II. Other Information [Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company discloses legal matters including a settled antitrust class action against Dow Jones (OPIS), a dismissed case against HarperCollins, and ongoing U.K. Newspaper Matters with accrued liabilities and indemnification - Dow Jones (OPIS) entered a settlement in May 2025 to resolve class action antitrust complaints related to pipe pricing reports[79](index=79&type=chunk) - Antitrust complaints against HarperCollins and other publishers were dismissed with prejudice by the U.S. District Court[81](index=81&type=chunk) - For U.K. Newspaper Matters, the company accrued approximately **$27 million** for liabilities and recorded a corresponding indemnification receivable from FOX of approximately **$44 million** as of March 31, 2025[83](index=83&type=chunk)[84](index=84&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's FY2024 Form 10-K - There have been no material changes to the risk factors described in the **2024 Form 10-K**[202](index=202&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **1.2 million shares** for **$37 million** in Q3 FY2025 under its authorized program, with approximately **$345 million** remaining for future repurchases Share Repurchases for Q3 FY2025 | Month (2025) | Class A Shares (millions) | Class B Shares (millions) | Total Shares (millions) | Total Value (millions) | | :--- | :--- | :--- | :--- | :--- | | Jan | 0.2 | 0.1 | 0.3 | ~$11.2* | | Feb | 0.3 | 0.2 | 0.5 | ~$15.2* | | Mar | 0.3 | 0.1 | 0.4 | ~$11.3* | | **Total** | **0.8** | **0.4** | **1.2** | **~$37.7*** | *Calculated from data in the table. Total for the quarter is $37M per chunk 61.* - The stock repurchase program has no time limit, with approximately **$345 million** remaining authorized for purchases as of the end of the quarter[203](index=203&type=chunk)[204](index=204&type=chunk) [Defaults Upon Senior Securities](index=44&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section is not applicable - Not applicable[206](index=206&type=chunk) [Mine Safety Disclosures](index=44&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable - Not applicable[207](index=207&type=chunk) [Other Information](index=44&type=section&id=Item%205.%20Other%20Information) There is no other information to report for this period - None[208](index=208&type=chunk) [Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL formatted financial data - The exhibits filed with this report include: - CEO Certification (Rule 13a-14) - CFO Certification (Rule 13a-14) - CEO/CFO Certification (Sarbanes-Oxley Section 906) - Inline XBRL formatted financial data[211](index=211&type=chunk)