The worrying trend for layoffs in the US has continued with Portland-based vacation rental platform Vacasa cutting 280 jobs—three percent of its total workforce.
Meanwhile, a struggling housing market in the United States is bracing itself for a crash, according to The Financial Times and Fortune, with YTD share prices across major US portals dropping by an average of 68% reflective of fears.
Vacasa joins the unenviable list of real estate portals to slash its workforce this year joining the likes of Sonder, Zumper, Zillow, Realtor.com, Redfin and Compass—with job losses across the portals nearing the 1000 mark.
The firm's YTD share price plummeted from $10.16 to just $3.17, a 68.8% decrease in line with the national average across other major portals:
Zillow, $96.36 to $29.19 (down 69.7%)
CoStar, $99.19 to $71.39 (down 28%)
Compass, $13.32 to $2.28 (down 82.9%)
Redfin, $52.52 to $3.94 (down 92.5%)
Vacasa—which also cut 25 jobs in its sales department this July—made the layoffs after major changes at boardroom level, including Rob Greyber's appointment as CEO, John Banczak stepping up to COO and Craig Smith being promoted to CCO. Meanwhile, CRO Michael Dodson and CPO Michael Xenakis are due to leave Vacasa by the end of the year.