Redfin, Compass announce layoffs

Citing a slowing economy, Redfin and Compass announced layoffs of approximately 8 percent and 10 percent, respectively. In addition, Compass announced the closing of eight offices and plans to shutter Modus, the title company the firm acquired in 2020. Many real estate companies are reading the inflation and rising interest rate tea leaves, and preparing their businesses for a cooler real estate market. These types of changes at public companies such as Redfin and Compass provide a window into the kinds of adjustments many real estate companies are now faced with.