The CEO of the National Association of Realtors is stepping down nearly two months before his planned retirement.
FILE - A sale sign stands outside a home in Wyndmoor, Pa., Wednesday, June 22, 2022. The CEO of the National Association of Realtors is stepping down, Thursday, Nov. 2, 2023, nearly two months before his planned retirement, a move that comes just two days after the trade group was dealt a punishing judgement in federal court over its rules on real estate agent commissions.
The class-action suit was filed in 2019 on behalf of 500,000 home sellers in Missouri and some border towns. The jury found that the defendants “conspired to require home sellers to pay the broker representing the buyer of their homes in violation of federal antitrust law.” Its size and influence in the U.S. real estate industry has not only made the trade association a target in litigation, but also brought it under the scrutiny of the Justice Department. The department filed a complaint in 2020 against the NAR, alleging it established and enforced rules and policies that illegally restrained competition in residential real estate services.
And the potential fallout from the 2019 case, should the court issue a final judgement potentially forcing the NAR and real estate brokerages to change the rules that now determine the commissions agents receive on the sale of a home and which party to the transaction foots the bill.
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