MYNORTHWEST NEWS

Cooling housing market prompts layoffs at Redfin

Jun 14, 2022, 11:48 AM | Updated: 11:50 am

Photo by Smith Collection/Gado...

Photo by Smith Collection/Gado

SEATTLE — (AP) — Redfin, the Seattle-based real estate brokerage, says it will lay off 8% of its employees as the housing market cools off.

The Seattle Times reports CEO Glenn Kelman announced the layoffs Tuesday, telling employees, “With May demand 17% below expectations, we don’t have enough work for our agents and support staff, and fewer sales leaves us with less money for headquarters projects.”

The cuts at the online listing site and real estate brokerage could affect more than 450 people. Redfin has about 5,800 employees, not including those who work for RentPath, which Redfin acquired last year.

Redfin’s share price has dropped from about $39 at the start of the year to $8.55 this week.

The company lost about $110 million last year, up from $18.5 million the year before, according to SEC filings.

MyNorthwest News

Trump convention speech...

STEVE PEOPLES, JONATHAN J. COOPER and JILL COLVIN, THE ASSOCIATED PRESS

Trump: ‘The discord and division in our society must be healed’

Donald Trump accepted the GOP presidential nomination on Thursday at the Republican National Convention and said the country must 'heal.'

9 hours ago

Image: A Tacoma Police Department vehicle is seen on a street....

Steve Coogan

Human finger found in Tacoma driveway IDed, returned to owner

The case of a mysterious human finger found in a Tacoma driveway earlier this month has been solved and the digit was returned to its owner.

12 hours ago

Photo: Police are looking for a Tacoma serial arsonist after a rash of fires. This photo is of a fi...

James Lynch

Tacoma police looking for serial arsonist after rash of fires endanger lives, property

Tacoma police are currently searching for a serial arsonist after a rash of fires in the area endangered lives and property.

13 hours ago

Photo: This man was arrested in connection with a Kent attempted kidnapping on July 16, 2024....

Julia Dallas

Bail set: 11-year-old girls save 6-year-old from being kidnapped in Kent

A man was arrested and bail set for allegedly trying to kidnap a 6-year-old. Fortunately, three 11-year-old girls stepped in.

14 hours ago

Photo: Data from the Downtown Seattle Association confirmed visitors are coming back to downtown, f...

Julia Dallas

Visitors are filling downtown Seattle streets near pre-pandemic levels

Data from the Downtown Seattle Association confirmed visitors are coming back to downtown, filling the streets at levels close to 2019.

16 hours ago

Photo: Teens were caught allegedly robbing a 7-Eleven in Renton on July 18, 2024....

Julia Dallas

4 teens arrested in connection with Renton 7-Eleven robbery

Four teenagers were arrested in connection with the robbery of a 7-Eleven in Renton early Thursday morning.

17 hours ago

Cooling housing market prompts layoffs at Redfin