Proposed lawsuit settlement by Realtors could dramatically lower cost of US home sales

By Julian Mark and Aaron Gregg, The Washington PostA sale outside a home in Wyndmoor, Pa. The National Association of Realtors has agreed on Friday, March 15, 2024, to pay $418 million and change its rules to settle lawsuits claiming homeowners have been unfairly forced to pay artificially inflated agent commissions when they sold their home.

Under the proposed deal, the group representing 1.5 million real estate agents would pay $418 million over four years to settle several cases, and change rules that plaintiffs alleged supported 5 to 6 percent commissions paid by home sellers. The association said it continues to deny wrongdoing. If a federal court approves the settlement, the new rules will take effect in July, according to a person close to the settlement talks who spoke on the condition of anonymity because they were not authorized to discuss it publicly.

“There’s no doubt in my mind that this is going to bring about tremendous savings to homeowners,” he said.

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