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Close Ad Feedback Close icon Business Markets Tech Media Calculators Videos More Markets Tech Media Calculators Videos Watch Listen Live TV Sign in My Account * Settings * Topics You Follow * Sign Out Your CNN account Sign in to your CNN account Sign in My Account * Settings * Topics You Follow * Sign Out Your CNN account Sign in to your CNN account -------------------------------------------------------------------------------- Live TV Listen Watch -------------------------------------------------------------------------------- Edition US International Arabic Español Edition * US * International * Arabic * Español -------------------------------------------------------------------------------- Markets Tech Media Calculators Videos Follow CNN Business * * * -------------------------------------------------------------------------------- * World * Africa * Americas * Asia * Australia * China * Europe * India * Middle East * United Kingdom * US Politics * SCOTUS * Congress * Facts First * 2024 Elections * Business * Tech * Media * Calculators * Videos * Markets * Pre-markets * After-Hours * Fear & Greed * Investing * Markets Now * Before the Bell * Nightcap * Health * Life, But Better * Fitness * Food * Sleep * Mindfulness * Relationships * Entertainment * Movies * Television * Celebrity * Tech * Innovate * Foreseeable Future * Mission: Ahead * Work Transformed * Innovative Cities * Style * Arts * Design * Fashion * Architecture * Luxury * Beauty * Video * Travel * Destinations * Food & Drink * Stay * News * Videos * Sports * Football * Tennis * Golf * Motorsport * US Sports * Olympics * Climbing * Esports * Hockey * Watch * Live TV * CNN Fast * Shows A-Z * CNN10 * CNN Max * CNN TV Schedules * Listen * CNN 5 Things * Chasing Life with Dr. Sanjay Gupta * The Assignment with Audie Cornish * One Thing * Tug of War * CNN Political Briefing * The Axe Files * All There Is with Anderson Cooper * All CNN Audio podcasts * Science * Space * Life * Unearthed * Climate * Solutions * Weather * Features * As Equals * Call to Earth * Freedom Project * Impact Your World * Inside Africa * CNN Heroes * Weather * Video * Climate * Ukraine-Russia War * Israel-Hamas War * About CNN * Photos * Investigations * CNN Profiles * CNN Leadership * CNN Newsletters * Work for CNN Markets DOW 40,704.91 -185.58 0.45% S&P 500 5,585.70 -35.15 0.63% NASDAQ 17,720.56 -198.42 1.11% Hot Stocks NVDA NVIDIA Corporation 127.23 - 1.27 0.99% PTON Peloton Interactive, Inc. Class A 4.33 + 0.97 28.72% FFIE Faraday Future Intelligent Electric, Inc. 6.69 + 3.10 86.35% Fear & Greed Index 49 neutral is driving the US market Latest Market News New Walmart+ perk: Free Whoppers and discounted Burger King Talking politics at work is a double-edged sword, Gallup survey finds McDonald’s could create 24,000 jobs at new stores in UK and Ireland Hot Stocks 49 neutral is driving the US market Something isn't loading properly. Please check back later. Ad Feedback Ad Feedback Business / Economy THE 6% COMMISSION ON BUYING OR SELLING A HOME IS GONE AFTER REALTORS ASSOCIATION AGREES TO SEISMIC SETTLEMENT By David Goldman and Anna Bahney, CNN 7 minute read Updated 9:17 PM EDT, Fri March 15, 2024 Link Copied! Play Video Ad Feedback Trying to decide whether to rent or buy your next home? Here's how 01:37 - Source: CNN Top business news 17 videos Video Ad Feedback See why some Chinese people are boycotting a popular brand 02:10 Now playing - Source: CNN Video Ad Feedback The stock market set a new record. Here's what that means for the economy 02:06 Now playing - Source: CNN Video Ad Feedback Why you should think twice before buying a new phone 02:16 Now playing - Source: CNN Video Ad Feedback Real estate CEO says Trump could sell Mar-a-Lago 'quickly' to secure $464 million bond 01:10 Now playing - Source: CNN Video Ad Feedback Trying to decide whether to rent or buy your next home? 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Here's what that means for the economy 02:06 Now playing - Source: CNN Video Ad Feedback Why you should think twice before buying a new phone 02:16 Now playing - Source: CNN Video Ad Feedback Real estate CEO says Trump could sell Mar-a-Lago 'quickly' to secure $464 million bond 01:10 Now playing - Source: CNN Video Ad Feedback Trying to decide whether to rent or buy your next home? Here's how 01:37 Now playing - Source: CNN Video Ad Feedback How AT&T's recent data breach affects you 02:58 Now playing - Source: CNN Video Ad Feedback How to craft the perfect maternity leave out of office message 01:33 Now playing - Source: CNN Video Ad Feedback CNN writer explains how Microsoft's new AI model works 02:20 Now playing - Source: CNN See More Videos CNN — The 6% commission, a standard in home purchase transactions, is no more. In a sweeping move expected to dramatically reduce the cost of buying and selling a home, the National Association of Realtors announced Friday a settlement with groups of homesellers, agreeing to end landmark antitrust lawsuits by paying $418 million in damages and eliminating rules on commissions. The NAR, which represents more than 1 million Realtors, also agreed to put in place a set of new rules. One prohibits agents’ compensation from being included on listings placed on local centralized listing portals known as multiple listing services, which critics say led brokers to push more expensive properties on customers. Another ends requirements that brokers subscribe to multiple listing services — many of which are owned by NAR subsidiaries — where homes are given a wide viewing in a local market. Another new rule will require buyers’ brokers to enter into written agreements with their buyers. Ad Feedback The agreement effectively will destroy the current homebuying and selling business model, in which sellers pay both their broker and a buyer’s broker, which critics say have driven housing prices artificially higher. By some estimates, real estate commissions are expected to fall 25% to 50%, according to TD Cowen Insights. This will open up opportunities for alternative models of selling real estate that already exist but don’t have much market share, including flat-fee and discount brokerages. Shares of real estate firms Zillow and Compass both fell by more than 13% Friday as investors feared that lower commission rates for agents could lead to less business for real estate platforms. Ad Feedback In a 10-K filing last month, Zillow warned that, “if agent commissions are meaningfully impacted, it could reduce the marketing budgets of real estate partners or reduce the number of real estate partners participating in the industry, which could adversely affect our financial condition and results of operations.” Shares of real estate brokerage Redfin also fell nearly 5%. Meanwhile, homebuilder stocks rose on the news: Lennar shares gained 2.4%, PulteGroup shares added 1.1% and Toll Brothers shares added 1.8%. SANTA CLARITA, CALIFORNIA - SEPTEMBER 08: An aerial view of homes in a housing development on September 08, 2023 in Santa Clarita, California. According to the National Association of Realtors, the median existing-home sale price in the U.S. increased 1.9 percent in July following five straight months of declines, which was the longest stretch of declines in 11 years, amid high interest rates. (Photo by Mario Tama/Getty Images) Mario Tama/Getty Images Related article Lawsuits are shaking the NAR’s grip on America’s real estate fees For the average-priced American home for sale — $417,000 — sellers are paying more than $25,000 in brokerage fees. Those costs are passed on to the buyer, boosting the price of homes in America. That fee could fall by between $6,000 and $12,000, according to TD Cowen Insights’ analysis. “While the settlement comes at a significant cost, we believe the benefits it will provide to our industry are worth that cost,” said Kevin Sears, president of the NAR, in a statement. In November, a federal jury in Missouri found the NAR and two brokerages liable for $1.8 billion in damages for conspiring to keep agent commissions artificially high. Because it was an antitrust case, the NAR was potentially on the hook for triple those damages — $5.4 billion. The NAR had pledged to appeal the case, but other brokerages settled — and, eventually, so did the NAR, on Friday. “NAR has worked hard for years to resolve this litigation in a manner that benefits our members and American consumers,” said Nykia Wright, interim CEO of NAR, in a statement. “It has always been our goal to preserve consumer choice and protect our members to the greatest extent possible. This settlement achieves both of those goals.” The NAR had required homesellers to include the compensation for agents when placing a listing on a multiple listing service. Although NAR has long said commissions are negotiable and that the structure helped making housing more affordable for buyers, critics have long argued that the fees were expected and homesellers felt they would lose buyers if they didn’t offer them. SETTLEMENT COULD LEAD TO LOWER HOMEBUYING COSTS Homesellers who brought lawsuits against the NAR have argued that in a competitive market, the cost of the buyer’s agent’s commission should be paid by the buyer who received the service, not by the seller. The sellers who brought the lawsuit against the NAR and the brokerages said that buyers should be able to negotiate the fee with their agent, and that the sellers should not be on the hook for paying it. This settlement, which is subject to a judge’s approval, opens the door to a more competitive housing market. Realtors could now compete on commissions, allowing for prospective buyers to shop around on rates before they commit to buying a home. Brokers could begin to advertise their fees, allowing customers to choose lower-cost agents. The NAR, in its announcement, did not set a suggested fee. This marks the biggest change to the housing market in a century, said Norm Miller, professor emeritus of real estate at the University of San Diego. “I’ve been waiting 50 years for this,” Miller said. Although it’s unclear what the future of the housing market will look like, Miller said he expected homebuying to pick up somewhat as costs fall dramatically for homebuyers. “There are all kinds of models we might see in the future, and no one knows what they are,” he said, suggesting some brokers may charge, say, a $3,000 fee for selling a home, while others will offer a competitive commission. The general session at the National Association of Realtors' annual convention on November 14, 2023, in Anaheim, California. Courtesy National Association of Realtors Related article At their annual mega-party, real estate agents on edge over the potential erosion of their commissions The agreement will bring sweeping reforms for millions of Americans, said Benjamin D. Brown, managing partner of Cohen Milstein Sellers & Toll and co-chair of its antitrust practice, who helped craft the settlement. “For years, anticompetitive rules in the real estate industry have financially harmed millions of Americans,” said Brown. Individual sellers often feel powerless to negotiate a better deal for themselves, given the risk that offering lower commissions could cause brokers to steer buyers to other properties, said Robert Braun, a partner in Cohen Milstein’s antitrust practice. “For far too long, home sellers have faced a system recognized by many as blatantly unfair. This class action and settlement provides justice for our clients and will require important changes that help future home sellers,” said Braun. Although most realtors are included in the settlement, brokerage HomeServices of America continues to fight the case in court, the NAR said. The NAR said it had fought to get HomeServices of America agents covered by the settlement, but said it was pleased to have more than 1 million of its members on board with the agreement. “Ultimately, continuing to litigate would have hurt members and their small businesses,” said Wright in a statement. “While there could be no perfect outcome, this agreement is the best outcome we could achieve in the circumstances.” Miller said the settlement could lead to a mass exodus of brokers from the industry — potentially half of the 2 million or so agents in America. Lower fees mean mediocre agents are likely to leave the field, but top brokers will get more business. “The good ones will absolutely do better,” he said. America’s fees are significantly higher than in foreign countries, Miller noted. In Israel, Singapore and the UK, brokers charge between 1% to 2% for the same thing that agents do in the United States. YEARS OF TROUBLE FOR NAR The NAR has been fighting off US antitrust officials and litigation for years regarding alleged anti-competitive practices. But November’s verdict marked the association’s biggest setback yet — and ultimately led to the downfall of the rules that have long protected its compensation model. The association also faces scrutiny from the US Department of Justice, and it’s unclear whether this settlement with sellers will impact the government’s scrutiny of the brokerage industry. Tracy Kasper resigned as president of the National Association of Realtors. From National Association of Realtors Related article National Association of Realtors president steps down, alleging blackmail threat The trade group has also undergone severe leadership turmoil over the past year. In January, the former president of the NAR, Tracy Kasper, stepped down, after she said she received a threat to disclose a past personal, non-financial matter unless she compromised her position at NAR. Sears replaced Kasper earlier this year. Kasper had just taken over the role in August 2023, after Kenny Parcell, the former president, resigned amid sexual harassment allegations that were first published by the New York Times. NAR employees reportedly said Parcell improperly touched them and sent lewd photos and texts. In the Times article, Parcell denied the accusations. In November 2023, the chief executive of NAR, Bob Goldberg, also stepped down, and was replaced by Wright. Goldberg stepped down two days after the $1.8 billion judgment against the NAR. This story has been updated with additional reporting and context. It has also been updated to clarify Norm Miller’s comments on brokers’ salary prospects. CNN’s Matt Egan contributed to this report. 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List of IAB Vendors | View Illustrations CREATE PROFILES TO PERSONALISE CONTENT 10 PARTNERS CAN USE THIS PURPOSE Create profiles to personalise content Information about your activity on this service (for instance, forms you submit, non-advertising content you look at) can be stored and combined with other information about you (such as your previous activity on this service or other websites or apps) or similar users. This is then used to build or improve a profile about you (which might for example include possible interests and personal aspects). Your profile can be used (also later) to present content that appears more relevant based on your possible interests, such as by adapting the order in which content is shown to you, so that it is even easier for you to find content that matches your interests. List of IAB Vendors | View Illustrations MEASURE ADVERTISING PERFORMANCE 38 PARTNERS CAN USE THIS PURPOSE Measure advertising performance Information regarding which advertising is presented to you and how you interact with it can be used to determine how well an advert has worked for you or other users and whether the goals of the advertising were reached. For instance, whether you saw an ad, whether you clicked on it, whether it led you to buy a product or visit a website, etc. This is very helpful to understand the relevance of advertising campaigns. List of IAB Vendors | View Illustrations MEASURE CONTENT PERFORMANCE 14 PARTNERS CAN USE THIS PURPOSE Measure content performance Information regarding which content is presented to you and how you interact with it can be used to determine whether the (non-advertising) content e.g. reached its intended audience and matched your interests. For instance, whether you read an article, watch a video, listen to a podcast or look at a product description, how long you spent on this service and the web pages you visit etc. This is very helpful to understand the relevance of (non-advertising) content that is shown to you. List of IAB Vendors | View Illustrations UNDERSTAND AUDIENCES THROUGH STATISTICS OR COMBINATIONS OF DATA FROM DIFFERENT SOURCES 23 PARTNERS CAN USE THIS PURPOSE Understand audiences through statistics or combinations of data from different sources Reports can be generated based on the combination of data sets (like user profiles, statistics, market research, analytics data) regarding your interactions and those of other users with advertising or (non-advertising) content to identify common characteristics (for instance, to determine which target audiences are more receptive to an ad campaign or to certain contents). List of IAB Vendors | View Illustrations DEVELOP AND IMPROVE SERVICES 35 PARTNERS CAN USE THIS PURPOSE Develop and improve services Information about your activity on this service, such as your interaction with ads or content, can be very helpful to improve products and services and to build new products and services based on user interactions, the type of audience, etc. This specific purpose does not include the development or improvement of user profiles and identifiers. List of IAB Vendors | View Illustrations ENSURE SECURITY, PREVENT AND DETECT FRAUD, AND FIX ERRORS 45 PARTNERS CAN USE THIS SPECIAL PURPOSE Always Active Your data can be used to monitor for and prevent unusual and possibly fraudulent activity (for example, regarding advertising, ad clicks by bots), and ensure systems and processes work properly and securely. It can also be used to correct any problems you, the publisher or the advertiser may encounter in the delivery of content and ads and in your interaction with them. List of IAB Vendors | View Illustrations DELIVER AND PRESENT ADVERTISING AND CONTENT 36 PARTNERS CAN USE THIS SPECIAL PURPOSE Always Active Certain information (like an IP address or device capabilities) is used to ensure the technical compatibility of the content or advertising, and to facilitate the transmission of the content or ad to your device. List of IAB Vendors | View Illustrations MATCH AND COMBINE DATA FROM OTHER DATA SOURCES 31 PARTNERS CAN USE THIS FEATURE Always Active Information about your activity on this service may be matched and combined with other information relating to you and originating from various sources (for instance your activity on a separate online service, your use of a loyalty card in-store, or your answers to a survey), in support of the purposes explained in this notice. List of IAB Vendors LINK DIFFERENT DEVICES 28 PARTNERS CAN USE THIS FEATURE Always Active In support of the purposes explained in this notice, your device might be considered as likely linked to other devices that belong to you or your household (for instance because you are logged in to the same service on both your phone and your computer, or because you may use the same Internet connection on both devices). List of IAB Vendors IDENTIFY DEVICES BASED ON INFORMATION TRANSMITTED AUTOMATICALLY 33 PARTNERS CAN USE THIS FEATURE Always Active Your device might be distinguished from other devices based on information it automatically sends when accessing the Internet (for instance, the IP address of your Internet connection or the type of browser you are using) in support of the purposes exposed in this notice. List of IAB Vendors STRICTLY NECESSARY COOKIES Always Active These cookies are necessary for the website to function and cannot be switched off in our systems. 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