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Compass, Redfin to Cut Workforces Amid US Housing Slowdown

  • Both companies expect to book costs as part of the layoffs
  • Redfin CEO says May demand was 17% below expectations
Updated on

Real estate brokerages Compass Inc. and Redfin Corp. are cutting their workforces as rising interest rates cool a US housing market that reached a frenzy during the pandemic.

Compass will lay off about about 10% of its workforce while Redfin will cut about 6%, the companies said in regulatory filings Tuesday. Bloomberg News reported the Compass layoffs earlier.