In response to the housing market downturn and ongoing economic uncertainty, Redfin has laid off approximately 4% of its workforce, which amounts to 201 employees, as a cost-cutting measure.

GeekWire received confirmation from a company spokesperson on Wednesday regarding the layoffs. This marks the third time that the Seattle-based real estate company has downsized its workforce in less than a year.

As confirmed by a company spokesperson to GeekWire, Seattle-based real estate company Redfin has carried out its third workforce reduction in less than a year. “While another layoff is painful, especially for those leaving the company, Redfin must continue to adapt to the current economic climate,” the spokesperson said in a statement.

In November of last year, Redfin announced that it would be winding down its home-flipping program RedfinNow and cutting 862 positions, which accounted for 13% of its workforce. This followed an 8% reduction in its workforce the previous June.

Due to mortgage rates and a sluggish market, Redfin's revenue declined by 25% in the fourth quarter. Additionally, the company reported a net loss of $61.9 million, which is significantly higher than the net loss of $27 million reported during the same quarter in the previous year.

Despite Redfin's statement in January that the housing market was starting to recover, the company still proceeded with the layoffs. According to a report, there was an increase in the number of users contacting agents and requesting tours to begin the home-buying process.

The real estate support segment will be the most affected by the latest layoffs. The spokesperson stated that the affected employees will receive 10-15 weeks of severance pay based on their length of service and three months of healthcare coverage.

Several real estate technology companies, such as Zillow, Flyhomes, Compass, and others, have laid off employees in Washington state in response to the market downturn over the past year.