Online listing service Realtor.com announced it is laying off an undisclosed number of regular and contract employees throughout the company. The company pointed to slowing sales volume as motivation for the decision.
“While we remain bullish on the long-term potential of what is a $200 billion addressable market, we must always take prudent steps to drive improved efficiency, including now,” CEO David Doctorow wrote.
According to the company, impacted staff will receive “generous” severance and extended health benefits.
For the quarter ending June 30, Realtor.com saw average monthly unique users to its web and mobile sites drop 13 percent compared with the same time last year, according to media conglomerate NewsCorp., which owns Realtor.com’s parent company Move Inc.
“Lead volume declined 39 percent in the quarter, reflecting continued deceleration in home sales and ongoing inventory constraints compared to historical trends across the industry,” the company wrote in its earnings report.