February 16, 2026

In late 2025, real estate broker commissions returned to the national spotlight in Davis v. Hanna Holdings (“Davis”), a federal antitrust damages action challenging historical multiple listing service (“MLS”) rules tied to buyer broker compensation. Unlike recent settlements that changed industry practices prospectively, this case looks backward and alleges that prior MLS rules required sellers to disclose and offer buyer broker compensation as a condition of listing. Although those MLS rules no longer govern the market following the 2024 settlement framework after the 2023 jury verdict in Sitzer/Burnett v. National Association of Realtors, the Davis litigation centers on whether the defendants acted unlawfully when such rules were still in effect and whether any damages remain available for past conduct.

The case gained renewed attention after the U.S. Department of Justice (“DOJ”) filed a Statement of Interest urging the court to apply heightened antitrust scrutiny (i.e. “per se analysis”) rather than a deferential standard (i.e. “rule-of-reason”). The DOJ’s filing does not make the government a party to the litigation, but it asserts that trade association policies can constitute concerted action subject to per se antitrust analysis rather than rule-of-reason review. From a market perspective, the filing may reflect a continued federal interest in broker commission structures as a competition issue rather than a collection of isolated private disputes.