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edfin announced another round of layoffs, this time affecting 46 managers at its Seattle headquarters. The company confirmed that no agents were impacted by the cuts. Redfin has faced multiple rounds of layoffs in recent years due to a challenging real estate market.

    The company employs over 4,000 people and will continue to hire more agents. Despite the layoffs, Redfin reported a 3% revenue growth to $270 million in its most recent quarter, although its net loss increased to $33 million from $19 million last year.

    Redfin's latest round of cuts targets managers at headquarters, program, and field leadership roles. The company has been adapting to changes in the real estate industry, including a settlement with the National Association of Realtors that led to a shift in agent commission structures. Redfin introduced its own compensation model, Redfin Next, which eliminates salaries for agents.

    The layoffs come as mortgage rates have reached 6.93%, the highest level since July, contributing to increased home listings due to unsold homes remaining on the market. However, Redfin claims that affordability did not worsen in 2024.