Commission Changes Haven’t Killed Deals, but ‘Worrisome Trends’ Loom

Why It Matters

Unchanged commissions and growing pocket listings threaten affordable homeownership for vulnerable buyers, potentially deepening racial wealth gaps and limiting market competition.

Key Takeaways

• Only 7% of counselors reported lower commissions after settlement
• 88% say saving for down payment is biggest hurdle
• Pocket listings now 8% of MLS inventory, up from 2‑4%
• 46% of counselors note pocket listings impede home searches
• Calls for federal disclosure of brokerage fees to boost transparency

Pulse Analysis

The 2025 settlement between the National Association of Realtors and home‑seller plaintiffs was expected to drive down buyer‑agent commissions, but the Consumer Federation of America’s latest study shows the market has largely resisted that shift. Surveying 223 HUD‑trained housing counselors across 37 states, the report reveals that just 7% observed any reduction in fees, while a third believe commissions have held steady or risen. This inertia stems from limited buyer‑agent negotiation and settlement language that still permits agents to discuss rates off‑MLS, preserving the status quo for most transactions.

Affordability remains the dominant barrier for first‑time purchasers, especially among low‑income and Black households. An overwhelming 88% of counselors describe saving for a down payment as "very difficult," a challenge compounded by student loans, car debt, and modest credit scores. Even with assistance programs, the total cost of ownership stays out of reach for many. Simultaneously, the surge in pocket listings—private, off‑market homes—has risen to 8% of MLS activity, up from a historical 2‑4% baseline. These exclusive deals can sideline qualified buyers, effectively creating a new form of redlining that undermines the wealth‑building power of homeownership.

Policy experts and advocacy groups are calling for greater transparency and regulatory oversight. Recommendations include mandating the Federal Housing Finance Agency to publish brokerage‑fee data, empowering state attorneys general to monitor discriminatory pocket‑listing practices, and preserving federal funding for housing counselors who serve as unbiased guides for vulnerable buyers. By shining a light on hidden fees and exclusive listings, regulators can restore competition, protect consumer choice, and help close the equity gap in the U.S. housing market.