Realtor.com is the second most visited site for real estate listings in the US.
Due to a recent slowdown in the housing market, the company is laying off an undisclosed number of employees.
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Housing slump
Realtor.com has noticed a slowing of sales volume in the real estate market. This has led the company to make the difficult decision of reducing its workforce. The company declined to share how many employees were let go. However, the layoffs seemed to impact both regular contracted employees across most of the company’s locations and functions. Laid off employees are being offered severance, including a continuation of their health care benefits and comprehensive career counseling.
The headquarters for Realtor.com is in Santa Clara. The company has roughly 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 metro areas in the country to have seen a year-over-year decline in the median home sale price. Since 2020, housing prices have fallen 1.5% in Oakland and 2.8% in San Francisco.
Realtor.com is not the first large real estate company to lay off employees because of the market slow down. In June, Compass and Redfin both laid off hundreds of employees.
What is a recession and is the US in one right now?
