US home sales have stalled as the weakest jobs market in six years curtails moves, while higher borrowing costs widen the gap with legacy mortgages. Even sellers willing to list face dwindling buyer pools, pushing withdrawn listings higher last year. Adjusted for population growth, new and resale transactions have sunk to levels unseen since the 2008 crisis, squeezing brokerages, listing platforms and mortgage lenders.

In response, the industry is consolidating. Since 2024, Compass, the nation’s largest brokerage, has absorbed @properties and Anywhere, giving it control of roughly one‑third of listings in some metros. The firm then struck a deal with Redfin, allowing its agents to showcase homes exclusively on the site, bypassing the public MLS. The model lets brokers keep the full commission, a practice that fuels the $170bn annual revenue stream built on a typical 6 per cent fee.

Critics warn the trend erodes transparency and hurts buyers. First‑time purchasers accounted for only 21 per cent of 2023 sales, the lowest in 45 years, while many young Americans doubt they’ll ever own a home. Stephen Brobeck of the Consumer Policy Center argues the exclusive listings and retained commissions make the market less open, ultimately constraining both sellers and buyers.