A landmark settlement in an antitrust challenge to the National Association of Realtors’ standards for real estate agent commissions has understandably been celebrated as a victory for homebuyers. At around 5.5%, average commissions in the United States are some of the highest in the world, and if the NAR settlement results in lower commissions (and if sellers, who typically pay the fees, incorporate the savings into their listing price), prospective homebuyers could save thousands of dollars.

Any such savings would be welcomed, and for good reason. But homebuyers shouldn’t expect fundamental changes to the brutal U.S. housing market.

First, it’s unclear just how much they’ll benefit from the settlement because it doesn’t address the other, and arguably bigger, anticompetitive facet of the U.S. real estate agent market: occupational licensing regulations.

All states require real estate brokers to obtain a license, and 44 states license real estate salespeople (who must work for a licensed broker). In many states, this system creates a high barrier to entry into the profession and severely limits competition.

Colorado, for example, demands 168 hours of education from a state-approved real estate school (or college equivalent), passage of the state licensing exam, fingerprinting and background check, a sponsoring broker,........

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