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Redfin’s chief executive, announced a cut of about 8 percent of the company’s work force in an email to employees on Tuesday, citing sinking demand, which was 17 percent lower than expected last month. “Today’s layoff is the result of shortfalls in Redfin’s revenues, not in the people being let go,” Mr. Kelman said. Redfin employed about 6,500 people at the end of 2021.
Compass is eliminating 10 percent of its employees “due to the clear signals of slowing economic growth,” a spokesperson said in a statement. Compass employed about 4,800 people at the end of 2021.
Real estate brokers lay off agents amid ‘clear signals’ of a housing downturn.
Redfin and Compass are letting employees go, citing a drop in home sales and rising mortgage rates.