Redfin to cut another 13% of workforce, shutter RedfinNow

Published November 9, 2022 9:07 AM

By MATT OTT
AP Business Writer

WASHINGTON (AP) — Online real estate broker Redfin is cutting 862 employees and shutting down its instant-cash-offer subsidiary RedfinNow, another casualty of two-decade high interest rates stoked by the Federal Reserve’s fight against inflation. The job cuts amount to 13% of Redfin’s workforce, the company announced in a regulatory filing. Redfin also laid off 470 employees in June, blaming slowing home sales. Redfin said in the filing that it has slashed more than a quarter of its workforce since April 2022 on the assumption that the housing downturn will last “at least through 2023.”