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s the 2025 spring homebuying season kicks off, a quiet revolution in real estate is unfolding. Last summer's rule changes from the National Association of Realtors (NAR) were expected to shake up the industry, potentially reducing commissions for homebuyers and sellers. However, six months on, the impact has been surprisingly muted.

    Realtors like Brita Kleingartner in Los Angeles are adapting to the new landscape, but business remains largely unchanged. "The paperwork has changed, and we're discussing commissions upfront with buyers and sellers more clearly," she notes. "But the bottom line hasn't shifted."

    Mortgage rates hovering around 7% and rising home prices had fueled hopes that commissions would plummet. TD Cowen Insights estimated a potential 25-50% drop in fees paid to Realtors. Instead, a study by Redfin reveals that commissions have remained largely unchanged since August.

    For lower-priced homes under $500,000, the average commission has even increased. "If the intention was for sellers not to pay buyers' agents' compensation, that's a total fail," says Summer Goralik, a real estate compliance consultant. "It's just being repackaged in a different way."

    The NAR's settlement with regulators last March aimed to address allegations of informal rules propping up traditional payment structures. Two key changes were introduced: written agreements for buyers and sellers before touring properties, and a ban on showing offers of compensation on multiple listing services.

    While some Realtors see benefits in the new rules, others argue they've made the process more opaque. John Reuter in Wisconsin notes that agents can no longer access information about previous homes sold with lower commissions, making it harder to provide valuable insights to clients.

    Critics like Tanya Monestier from the University at Buffalo School of Law plan to appeal the settlement, calling the changes "cosmetic" and ineffective. As the dust settles on these rule changes, one thing is clear: the real estate industry remains largely unchanged, with commissions continuing to be a significant expense for homebuyers and sellers.