L
eaders stepped up as the NAR settlement changed the game, Clear Cooperation fueled division, and the Department of Justice stoked fears in this surprising year. As the Sitzer/Burnett commissions trial concluded with a $700 million settlement, a theme emerged: Peace. Ethan Glass, attorney for the National Association of Realtors, said NAR settled to "provide certainty" amidst "catastrophe," while a HomeServices lawyer called it "peace and closure." The approvals allowed the industry to exhale and refocus on business.
The NAR deal shifted how agents interact with buyers (agreement first, then home tours) and how buyer agent commission information is communicated (not on the MLS). These changes now have a judge's official blessing. Clear Cooperation, which requires listings to be shared on the MLS within a day of being publicly marketed, remains contentious. Industry leaders debate its impact on consumers, with some arguing it protects the open marketplace while others claim it limits seller choice.
The Department of Justice questioned buyer agreement requirements just before the NAR settlement was approved, but the judge remained unmoved. The agency reserves the right to continue investigating what it sees as anticompetitive behavior. eXp Realty CEO Leo Pareja took a leadership role in addressing agent concerns and promoting Clear Cooperation. He led a virtual town hall that drew nearly 50,000 viewers and eased worries.
MLS ownership changed at REcolorado, with new owner Joseph Burks promising to add value for subscribers and propel the company forward. Real Brokerage President Sharran Srivaatsa promoted tech and kindness, using his platform to advocate for productivity and compassion. Home search portals like CoStar took big swings in pursuit of Zillow and each other, with CoStar rolling out a $1 billion effort to promote Homes.com.
The housing market defied optimistic predictions, with home sales failing to gain momentum despite a late-year rally. Mortgage rates dipped slightly this fall but only temporarily. Buyers continue to face record-high home prices, leaving hopeful eyes on 2025 despite uncertainties. Law professor Tanya Monestier emerged as a high-profile consumer advocate, tackling topics like buyer agreements and the NAR settlement.
The National Association of Realtors faced criticism over "lavish" spending, including six-figure payments for volunteers. The report sparked frustration and calls for reform, but membership has held steady, and the organization is looking toward the future.
