Justice Department Withdraws From Realtor Antitrust Settlement

The Justice Department on Thursday stated that it is withdrawing from an antitrust settlement it reached last year with the real estate industry’s largest trade group over brokers’ commissions.The move marks a change in position by the Biden administration after Trump-era antitrust enforcers settled the agreement. It also indicates the department is composed to return to its previous investigation in order to take a wider look at practices in the real estate market.The department sued the National Association of Realtors on antitrust grounds and filed a concurrent settlement in November. The lawsuit accused the group of maintaining anti-competitive rules that created an environment in which there was little visibility for home buyers regarding the commissions a buyer’s agent would earn.The settlement included terms built to increase transparency and deter misrepresentations regarding broker commissions.