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The Aug. 17 rule change by National Association of Realtors (NAR) on commissions appears to have minimal impact on how buyer’s agents are paid.

According to new data from Redfin (NASDAQ: RDFN), the average buyer’s agent commission for homes sold in October was 2.34%. In comparison, the average commission for home sold in August (when the rule change went into effect) was 2.35%. One year ago, the average was 2.45%.

Redfin also noted that buyer’s agent commissions have declined by 17 basis points since January 2023, when they averaged 2.51%.

“Redfin agents say the biggest difference since Aug. 17 is the need to educate customers about rule changes and have conversations about agent fees with buyers at the start,” said Redfin Chief Economist Daryl Fairweather. “Our agents see that as a positive, as it encourages more communication upfront and increases transparency around fees.”

Among the different home pricing sectors, buyer’s agent commissions for homes listed under $500,000 inched up from an average of 2.41% in August to 2.43% in October. Buyer’s agent commissions for homes listed between $500,000 and $1 million ticked down from an average of 2.25% to 2.24%. And buyer’s agent commissions for homes listed above $1 million fell from an average of 2.24% in August to 2.11% in October.

Fairweather predicted commissions could decline in 2025 if a new wave of bidding wars begins.

“Sellers are becoming increasingly aware that commissions are negotiable and that if they have a desirable home, they may be able to get the buyer to cover some, or even all, of the buyer’s agent commission,” she said. “Of course, as in all real estate deals, any negotiation is dependent on how much demand there is for a property. Sellers who are struggling to find a buyer may even offer more to help attract more interest.”

Redfin noted its data is culled from buyer’s agent commissions for October home sales that either closed or are scheduled to close by the end of the month. The commissions data was sourced from sales of Redfin agents’ listings, deals closed by Redfin partner agents, or where a buyer utilized Redfin-owned Bay Equity Home Loans. The data did not include transactions where Redfin agents represented the buyers, because the company sets competitive fees for its buyer services, which can be as low as 1.75% in some markets.