The National Association of Realtors announced a court settlement Friday that would bring major changes to home sales – and savings to home sellers nationwide. The trade group, which has long set the standard for real estate practices, has agreed to settle numerous lawsuits by paying $418 million in damages and getting rid of its rules on commissions. Industry experts told The New York Times that the settlement "will blow up the market and would force a new business model.
"NAR exists to serve our members and American consumers, and while the settlement comes at a significant cost, we believe the benefits it will provide to our industry are worth the cost," the trade group said in a post on X, formerly Twitter. NAR said its agents who list a home for sale on a Multiple Listing Service, or MLS, will no longer be allowed to use the service to offer to pay a commission to agents that represent potential homebuyers.
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