NAR strikes landmark deal spelling end of 6% commissions

The National Association of Realtors is settling the antitrust lawsuits over broker commissions. 

The trade group agreed to pay $418 million in damages over four years to resolve claims against the organization, its members, all state and local Realtor associations and all association-owned multiple listing services, according to a press release. 

The agreement, which is subject to a judge’s approval, also extends to brokerages with NAR as a principal member that had a 2022 residential transaction volume of $2 billion or below. 

“Ultimately, continuing to litigate would have hurt members and their small businesses,” interim CEO Nykia Wright said in the press release. “While there could be no perfect outcome, this agreement is the best outcome we could achieve in the circumstances.”...