Redfin Shuts Home-Flipping Business, Lays Off 13% of Staff in Slumping Housing Market

CEO says Redfin has tied up hundreds of millions of dollars in houses that ‘you yourself wouldn’t want to own’

Redfin is forecasting that the real-estate market will be smaller in 2023.Photo: Jordan Strauss/Associated Press

Real-estate company Redfin Corp. laid off 13% of its staff on Wednesday and closed its home-flipping unit, saying the operation was both too expensive and too risky to continue.

The Seattle-based company, which operates a real-estate brokerage and home-listings website, said the decisions were made because it is predicting that the real-estate market is going to be smaller next year and its home-flipping business is losing money. It previously laid off 8% of its workforce in June of this year.

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