The Department of Justice's Antitrust Division on Thursday announced it was withdrawing from a settlement with the National Association of Realtors so it can further investigate the association's conduct, according to a statement on DOJ's website.

"The proposed settlement will not sufficiently protect the Antitrust Division's ability to pursue future claims against NAR," Acting Assistant Attorney General Richard A. Powers said in the statement. "Real estate is central to the American economy and consumers pay billions of dollars in real estate commissions every year. We cannot be bound by a settlement that prevents our ability to protect competition in a market that profoundly affects Americans' financial well-being."

NAR issued a statement calling the DOJ action a "complete, unprecedented breach of agreement." The association said it had begun to implement the "fully negotiated settlement that had been approved by the head of the Antitrust Division."

"NAR has fulfilled all of our obligations under the settlement agreement and now DOJ is inexplicably backing out. If the department does not live up to its commitments under the terms of the agreement, we are confident in our pro-consumer and pro-competition policies," the organization said.

DOJ filed a civil complaint and proposed settlement against NAR in November. The complaint alleged that NAR enforces rules, policies and practices that "have an anticompetitive effect" and "deny prospective home buyers access to relevant information resulting in higher prices and lower quality for buyer broker services."

The proposed settlement would have required NAR to change its rules to provide greater transparency to home buyers about brokers' commissions, among other things. But DOJ and NAR could not reach an agreement that would allow DOJ to pursue future probes, according to the department's statement.

The Chicago-based association reported revenue of $358M in 2019, according to the latest tax documents available.