GAO study finds industry has competitive attributes
It also reveals that competition in the industry is heavily based on non-price factors such as quality, level of service, and reputation.
The study also says the effect of state-chartered banks that offer competitive brokerage services in the 30 states where they are allowed to do so by law is “minimal” due to the limited number of banks that have entered the business.
While I see significant in the trenches competition among Realtors, there is very tight control by the National Association of Realtors on MLS data, particularly at the macro level. Controlling the aggregation of this data is the means that the NAR uses to control competition.
Factors That May Affect Price Competition [United States Government Accountability Office]