The U.S. District Court for the Western District of Missouri has given final approval to the National Association of Realtors' (NAR) proposed settlement agreement concerning class action claims related to broker commissions. The decision came after the court heard from all parties involved, including objectors and the Department of Justice. A formal written order is expected soon.

This settlement releases liability for over 1.4 million NAR members, state and local Realtor associations, Realtor Multiple Listing Services (MLSs), NAR's affiliate organizations, and brokerages with an NAR member as principal that had a residential transaction volume in 2022 of $2 billion or below. It also includes MLSs and brokerages that opted into the agreement.

NAR President Kevin Sears remarked on the significance of this development for NAR members and consumers: “This is an important moment for NAR members, home buyers and sellers, and the real estate industry.” He emphasized that transparency, competition, and choice are central to the settlement agreement.

Nykia Wright, CEO of NAR, reiterated their commitment to supporting Realtors: “NAR is committed to empowering Realtors to help home buyers and sellers successfully navigate what is often the most important financial transaction of their lives.”

The settlement includes practice changes that NAR members must follow in good faith to maintain released status under the agreement. Additionally, NAR will contribute $418 million over four years to a settlement fund while keeping membership dues unchanged for 2025.

For more details about these changes or information regarding the settlement approval order once available, interested parties can visit facts.realtor.

The National Association of Realtors represents 1.5 million members across various sectors of real estate in America. More resources on navigating homebuying and selling processes are available at facts.realtor.