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edfin and Zillow have confirmed layoffs at their Seattle-based companies. Redfin let go of 46 employees on Thursday, primarily managers in leadership roles, while no agents were affected. The company is continuing to aggressively hire agents and employs over 4,000 people.

    This is the latest round of job cuts for Redfin, which has navigated a tough real estate market. Mortgage rates have reached 6.93%, the highest level since July, and home listings are up due in part to unsold homes sitting on the market. Despite this, affordability didn't worsen in 2024.

    Redfin reported revenue growth of 3% to $270 million in its most recent quarter, but a net loss of $33 million, up from $19 million in the year-ago period. The company has made changes in response to industry shifts, including rolling out Redfin Next, a new compensation model for agents that eliminated salaries and expanded to more cities.

    Zillow also confirmed layoffs this week, although it didn't disclose how many employees were let go. A statement from the company said they are "grateful to the impacted employees" and are ensuring their transition is smooth. The decision was made to responsibly manage resources and position teams for success in 2025.