Housing market crash leads real estate tech firm to lay off employees
Realtor.com is the second most visited site for real estate listings in the United States.
Due to a recent downturn in the housing market, the company is laying off an undisclosed number of employees.
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Realtor.com has seen a slowdown in sales volume in the real estate market. This led the company to make the difficult decision to downsize. The company declined to share the number of laid off employees. However, the layoffs appeared to be impacting regular contract employees in most company locations and functions. The terminated employees are being offered a severance package, including the continuation of their health care benefits and full career guidance.
Realtor.com’s headquarters are in Santa Clara. The company has about 2,500 employees and about 200 of them live in the Bay Area. Across the country, housing markets have slowed. This is largely because mortgage rates are on the rise.
San Francisco and Oakland are the only metropolitan areas in the country to see year-over-year declines in the median home sale price. Since 2020, house prices have fallen 1.5% in Oakland and 2.8% in San Francisco.
Realtor.com is not the first major real estate company to lay off employees due to the market downturn. In June, Compass and Redfin both laid off hundreds of employees.