Probes the Justice Department and two private class-action lawsuits that risk weakening the National Association of Realtors
“Sale Pending” is posted on an existing home for sale real estate sign, Monday, Feb. 27, 2023, in Salem, N.H. The lucrative broker commission system at the heart of the US residential housing market is facing unprecedented antitrust scrutiny from the Justice Department and two private class-action lawsuits that risk weakening the National Association of Realtors, the industry’s powerful lobbying group.
This practice will also be on trial in two antitrust class actions, including one beginning Monday in Missouri. That case could result in as much as $4 billion in damages, while plaintiffs in an Illinois trial early next year are seeking as much as $40 billion. But the bigger threat to the industry as a whole would be a nationwide case brought by the Justice Department to dismantle the commission-sharing structure altogether. In the worst-case scenario for the industry, the federal government could seek to ban sharing commissions, prohibiting sellers’ agents from compensating buyers’ agents.
Commission rates, which often get baked into a home’s listing price, are an attractive target for the Biden administration as low housing supply and spiraling mortgage costs combine to create the least affordable housing market in four decades. On a $407,100 house — the median existing-home sales price — a 5.5% commission comes to about $22,390.
The Justice Department “is concerned about policies, practices, and rules in the residential real estate industry that may increase broker commissions,” the agency said, asking for a two-month delay to offer further thoughts on the issue.Completely untying buyer and seller agent fees could eventually lower commissions by as much as $30 billion annually, according to a study by the Consumer Federation of America, a watchdog group.
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