Redfin Cuts 13% of Staff, Shuts Down Home-Flipping Business
The company’s workforce has shrunk by 27% since the end of April as a slowdown grips the US housing market.
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Redfin Corp. is shuttering its iBuying business and laying off workers for the second time in almost five months, as the likelihood of a prolonged US housing slowdown continues to ripple through the industry.
The brokerage said in a blog post Wednesday that it would lay off more than 860 workers, roughly 13% of its staff. The decision follows an earlier reduction announced in June and brings the total number of Redfin employees down 27% since the end of April.