• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Digital News Updates
  • Home
  • News
  • Politics
  • Business

Realtors group ends commission model; biggest ‘jolt’ in housing in 100 years

March 16, 2024

(The Center Square) – The National Association of REALTORS announced Friday an agreement where it will end the 6% commission that is routine in home sales.

In the settlement with homeowners, the association will pay $418 million in damages and end litigation on the matter.

Experts say that Americans pay $100 billion a year in real-estate commissions.

Andrew Lokenauth, who writes a finance newsletter, said on X the deal would end the standard 6% commission and lead to more competition among realtors. He said it could lead to a 30% reduction in commission.

“With commissions potentially dropping 30%, that could put tens of billions of dollars back in the pockets of American home buyers and sellers every year,” Lokenauth said on X. “A seller of a $500,000 home could save $9,000 or more on a 3% commission instead of 6%. This is expected to drive down housing costs and significantly impact the U.S. housing market.”

“Housing experts predict that this could trigger one of the most significant jolts in the U.S. housing market in 100 years,” Lokenauth said.

A judge has to sign off on the settlement.

“NAR has worked hard for years to resolve this litigation in a manner that benefits our members and American consumers. 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,” said Nykia Wright, Interim CEO of NAR, in a media release.

By Tom Gantert | The Center Square

Filed Under: Business, Featured

Related Articles:

  • Bridger Aerospace Lands Record-Breaking Wildfire Contracts for Super Scooper Aircraft
  • Microsoft Marks 50th Anniversary
  • Berkshire Hathaway Surpasses Federal Reserve in T-Bill Holdings
  • Daktronics to Participate in Craig-Hallum’s 22nd Annual Institutional Investor Conference
  • Poll: College not preparing students for workforce, managers avoid hiring them

Primary Sidebar

Digital News Updates Logo

Recent News Posts

  • Law enforcement agencies in 40 states are partnering with ICE 287(g) program
  • Gallatin College MSU’s online courses expand to meet nontraditional student needs
  • UM Video Game Team Scores National Championship
  • In just a few months, ICE makes 1,000+ worksite enforcement actions

Recent Politics Posts

  • Sheehy Fulfills Campaign Promise With Blind Trust
  • Watchdogs: New Montana law restricting foreign money in elections insufficient
  • Knudsen Urges Gallatin County to Support ICE Partnership
  • Zinke Introduces Bipartisan Bill to Modernize Foreign Military Sales Notification Process

Recent Business Posts

  • Poll: College not preparing students for workforce, managers avoid hiring them
  • Bridger Aerospace Lands Record-Breaking Wildfire Contracts for Super Scooper Aircraft
  • Daktronics to Participate in Craig-Hallum’s 22nd Annual Institutional Investor Conference
  • Microsoft Marks 50th Anniversary

Copyright © 2025 Digital News Updates, All Rights Reserved.