Redfin to cut another 13% workforce, shuts down subsidiary RedfinNow

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 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, it said in the filing.