NAR lawsuit background<\/h2>\n
In October 2023, a federal jury<\/a> determined that the National Association of Realtors (NAR) \u201cconspired to require home sellers to pay the broker representing the buyer of their homes in violation of federal antitrust law.\u201d The court determined that the NAR\u2019s commission structure and rules infringe upon antitrust laws because they essentially forced home sellers to pay a fee that could be paid by the homebuyer.<\/p>\n One of the original 2019 class action lawsuits was filed by nearly 500,000 property sellers<\/a> in Missouri, alleging that this forced commission hurt both buyers and sellers financially. The suit claimed that sellers, who were required to pay the commissions for both agents, compensated for the loss by increasing list prices, putting buyers at a disadvantage, and inflating home costs nationwide.<\/p>\n In an interview with The Associated Press<\/a>, Michael Ketchmark, one of the attorneys representing the plaintiffs in the lawsuits, said, \u201cWhat\u2019s at issue nationwide is costing Americans about $60 billion in extra real estate commissions.\u201d<\/p>\n Realtors and brokers (collectively referred to as the NAR) were ordered to pay nearly $1.8 billion in damages. The ruling signaled a significant shift in regulatory oversight.<\/p>\n On March 15, 2024, the NAR announced that it would settle this series of lawsuits for $418 million. The historic court agreement<\/a> ends all litigation claims brought by home sellers.<\/p>\n \u201cUltimately, continuing to litigate would have hurt members and their small businesses,\u201d said Interim NAR Chief Executive Nykia Wright in a statement<\/a>. \u201cWhile there could be no perfect outcome, this agreement is the best outcome we could achieve in the circumstances. It provides a path forward for our industry, which makes up nearly one fifth of the American economy, and NAR.\u201d<\/p>\n Wright added that the association was staying true to its mission. \u201cFor over a century, NAR has protected and advanced the right to real property ownership in this country, and we remain focused on delivering on that core mission.\u201d<\/p>\n Home values have rapidly increased in recent years. How much is your current home worth now? Get a ballpark estimate from HomeLight’s free Home Value Estimator.<\/p>\n \n NAR agrees to pay $418 million settlement<\/h2>\n
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\n <\/div>\n \n How Much Is Your Home Worth Now?<\/h3>\n