Yesterday was a presumably a pretty bleak day around Opendoor as the iBuyer announced a new round of layoffs—this time affecting some 22 percent of its workforce.
According to a company statement, Opendoor laid off 560 employees, mostly in operations, citing the slowing housing market as cause for the move.
“We’re taking these actions now to better align our operational costs with the anticipated near-term market opportunity,” the company said in an e-mail statement. Opendoor said new listings have fallen by around 30 percent from their peak in 2022.
The announcement followed a previous round of layoffs in November when the company cut 550 jobs, or about 18 percent of its workforce at that time.