Real estate firm Opendoor is laying off 22% of its workforce, around 560 employees.

 

Real estate firm Opendoor is laying off 22% of its workforce, around 560 employees. The company pointed to the declining housing market as the reason for the layoff that impacted its operations unit.  The company said it was forced to take this action to better align its operational cost with the anticipated near-term market opportunity.  The San Francisco-based company reported a loss of $1.2B in 2022, doubling the $662M loss in 2021, and said new listings have dropped by 30% since the peak in 2022.  Last November, the company announced it was laying off 18% of its staff, removing 550 jobs.  Other real estate companies that recently announced layoffs include WeWork, Sonder, Zillow, and, most recently, Redfin.