Redfin and Compass lay off a combined 900+ employees as mortgage interest rates continue to climb

The housing market has taken a huge hit this year as mortgage interest rates have surged and homeowners scale back on purchases.
The latest casualties in the proptech world are Redfin and Compass, which both announced layoffs today that combined amounted to about 920 people.
In an email, a Redfin spokesperson told TechCrunch that the company is laying off about 470 employees today after May demand came in 17% below expectations. 
Meanwhile, a Compass spokesperson confirmed to TechCrunch that the company is cutting about 10% of its staff, or about 450 people. He said: “Due to the clear si

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