| CURATED for Agents | CRMLS Tells Compass No, Price Cuts Hit 20.8% & a Judge Faults New York’s Pied-à-Terre Tax Rollout |
WEDNESDAY · SEPTEMBER 30, 2026 We read the real estate day so you don’t have to. Here are the 10 stories worth your attention—and the takes forming around them. |
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| 👋 Agents. CRMLS told Compass no, in writing and in public.
California Regional MLS refused Compass’s demand and plans a legal defense fund. Compass chief executive Robert Reffkin said the suits against MLSs will start in mid-October. Realtor.com counted price cuts on 20.8 percent of listings in September, the highest for the month since 2018. A judge ordered New York City to redo its pied-à-terre tax rollout, and the surcharge itself remains in place. Rates rose to 7.60 percent, another long-term high. Let’s get into all of it.
Enjoy, — CURATED. |
| 1st TakeCRMLS Told Compass No and Plans a Legal Defense FundThe Quick TakeCalifornia Regional MLS, known as CRMLS, said Wednesday it will not change its rules for Compass. A Compass letter that CRMLS says it received September 8 gave the MLS until October 6 to stop fining agents who publicly market office exclusives or face a lawsuit. General counsel Ed Zorn wrote back that any suit will be met with an aggressive defense and meaningful counterclaims. Read more →Why It’s HeatedCRMLS says its Rule 7.9 already lets a seller market a home publicly without submitting the listing. A Compass spokesperson said sellers should be able to publicly market their homes, including office exclusives, without putting their agent at risk of thousands of dollars in fines. CRMLS intends to set up an MLS Cooperation Legal Defense Fund. | 📊 The Takes
Most agents back the cooperative, a sizable group sides with the seller’s choice, and some just resent being the ones fined in the middle.
🤝 Backs the Cooperative — ‘If I use everyone else’s listings, I put mine in too. That is the deal.’
🏠 Backs Seller Choice — ‘My seller decides where the home gets marketed. Not the MLS.’
😬 Caught in the Middle — ‘Compass and CRMLS trade letters, and the agent is the one who gets fined. Leave us out of it.’ |
| 2nd TakeReffkin Says Compass Will Start Suing MLSs in Mid-OctoberThe Quick TakeCompass chief executive Robert Reffkin told the Council of MLS Open House conference on Wednesday that Compass is prepared to sue any MLS that fines or punishes agents for publicly marketing office exclusives. He said the suits will start in mid-October and that Compass will not settle them. He said MLSs have until October 6 to agree to the changes in the letter Compass sent. Read more →What’s at StakeReffkin said an MLS that loses will pay Compass’s legal fees and three times damages. He said any MLS that agrees in the next week gets a release of all claims and a data feed of Compass’s office exclusives. | 📊 The Takes
Reffkin’s clock lands as a threat with most agents; others would rather a judge settle it, and a few expect one MLS to take the release.
🛑 Calls It a Threat — ‘You do not sue your way into cooperation. Work it out at the table.’
⚖ Wants a Court Ruling — ‘Let a judge rule on it once so we all know the rules.’
✍ Expects an MLS to Sign — ‘A release of all claims and a data feed of Compass exclusives? Somebody signs before October 6.’ |
| 3rd TakePrice Cuts Hit 20.8% in September, the Most for the Month Since 2018The Quick TakeRealtor.com’s September housing report found 20.8 percent of listings had a price cut, up 0.9 percentage points from a year earlier. That is the highest September reading since 2018 and the highest share in any single month since October 2022. Homes under contract fell 4.1 percent from a year ago, the greatest drop since March 2025. Read more →Why You’ll Feel ItInventory topped 1.16 million homes and sits 9.1 percent below pre-pandemic norms, the narrowest gap yet. The report says the rate jump from 6.66 percent in late August to 7.03 percent on September 24 cost a shopper on a fixed budget roughly 11,500 dollars in buying power. | 📊 The Takes
Pricing it right at the listing table wins the most votes, buyer agents see room to ask for more, and a smaller group tells some sellers to wait.
🏷 Prices It Right First — ‘I would rather settle the price at the listing table than chase the market down.’
🛒 Writes More Offers — ‘More homes and more price cuts mean my buyers can finally ask for something. I am writing offers.’
⏳ Waits It Out — ‘A price cut does not create a buyer at 7 percent. Some sellers are better off waiting.’ |
| 4th TakeA Judge Ordered New York City to Redo Its Pied-à-Terre Tax RolloutThe Quick TakeStaten Island Judge Wayne M. Ozzi ruled Tuesday that the Mamdani administration mishandled the launch of New York City’s pied-à-terre tax, 6sqft reports. Citing the New York Times, it says the ruling requires the city to cancel the notices it mailed, take down a public roll of more than 900,000 properties, and send new notices that explain each decision. The site says the administration has already appealed, temporarily blocking the order. Read more →The Real StoryThe suit challenged the rollout, not the legality of the tax, so the surcharge remains in place. It covers secondary one- to three-family homes valued above 5 million dollars and secondary condos and co-ops at 1 million or more. Wynn Resorts founder Stephen Wynn and former commerce secretary Wilbur Ross have reportedly sued over the tax itself. | 📊 The Takes
Sympathy runs with the owners who got the notices, while a practical camp says the surcharge is still law and a few expect the city’s appeal to stick.
📬 Sides With the Owners — ‘If the city sent notices to people who live in their homes, it should start over.’
🏙 Says the Tax Stands — ‘The surcharge is still law. I am telling second-home buyers to plan for it.’
🏛 Bets on the Appeal — ‘The city appealed and the order is on hold. I would not count on a redo yet.’ |
| 5th TakeRates Rose to 7.60%, Another Long-Term HighThe Quick TakeThe top-tier 30-year fixed rose to 7.60 percent on Wednesday, up 0.02 from the day before and another long-term high, Mortgage News Daily reports. The bond market improved after the PCE inflation data, but the improvement was short-lived. The site says there was no convenient scapegoat in the day’s news or data. Read more →The Bigger PictureThe site names three things that could bring a meaningful drop: the Iran war ending with fuel prices dropping, weaker economic data, or a significant, sustained fall in inflation. It says nobody should expect rates to fall just because a new month starts. | 📊 The Takes
Lock now is the majority advice, though some agents hold out for weaker economic data and others are watching the Iran war and fuel prices instead.
🔒 Locks Now — ‘Another long-term high is a reason to lock, not a reason to wait.’
🕰 Waits on the Data — ‘If the economic data weakens, this turns. I am not rushing anyone.’
⛽ Watches Fuel Prices — ‘An end to the Iran war and cheaper fuel could turn this. That is the headline I am watching.’ |
| 6th TakePCE Inflation Ran 3.4% in August and Core Came In at 3%The Quick TakeThe Bureau of Economic Analysis reported that the PCE price index rose 0.3 percent in August, up from 0.2 percent in July, and 3.4 percent from a year earlier. Core PCE, which excludes food and energy, rose 0.2 percent for the month and 3 percent for the year. Navy Federal chief economist Heather Long said progress on cooling inflation has stalled. Read more →Why It MattersMohamed El-Erian, an economics professor of practice at the University of Pennsylvania, called the core reading better than expected and the headline in line. Long said even core inflation remains stuck at 3 percent or more. She said annual revisions did not change the trend. | 📊 The Takes
The below-estimate readings get the warmest welcome, a stubborn 3 percent core keeps others braced for high rates, and some agents ignore PCE entirely.
🌤 Takes the Small Win — ‘Below estimates is below estimates. Any inflation report that is not worse helps my buyers.’
📌 Sees Rates Staying High — ‘Three percent core is not a number that brings anyone a lower rate.’
🙉 Tunes Out PCE — ‘PCE is for economists. I watch the mortgage rate and skip the rest.’ |
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