In filings with the Securities and Exchange Commission, Compass announced a 10% cut to its workforce, and Redfin announced an 8% cut.
Shares of both companies fell Tuesday. Redfin’s stock touched a new 52-week low.
Rising rates and overheated home prices, which are now up over 20% from a year ago according to various surveys, have crushed affordability. Home sales have been dropping for several straight months, and the fall is expected to worsen.
A Redfin Corp. ‘For Sale’ sign stands outside of a home in Seattle, Washington.
David Ryder | Bloomberg | Getty Images
Mortgage demand has…