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Benzinga
Benzinga
Business
AJ Fabino

Redfin Lays Off 13% Of Staff, Suggesting The Housing Market Will Get Worse Into 2023

Redfin Housing Market United States US Federal Reserve

With rising interest rates, there are growing concerns that the current housing market downturn may last through 2023, and a residential real estate brokerage is getting ahead of the curve by laying off 13% of its staff.

What happened: Shares of Redfin Corp (NASDAQ:RDFN) slipped 11.42% Wednesday after the company announced it would lay off 862 staff members, including 264 who belonged to the company’s home-flipping business, RedfinNow, which Redfin announced would dissolve in an SEC filing.

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