The average commission rate on homes sold for less than $500,000 rose slightly to 2.43%, but those between $500,000 and $1 million fell to 2.24%.
The new rules from the National Association of Realtors are aimed at reducing commission rates, bringing transparency and fostering communication regarding agent fees between clients and agents.
Commissions have gradually declined over the past decade, even as total commissions paid have increased due to rising property values, indicating a complex market dynamic.
Daryl Fairweather emphasized the importance of educating customers about changes in commission rules, viewing it as beneficial for both parties in narrowing down costs.
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