Redfin CEO Glenn Kelman at the 2018 GeekWire Summit. (GeekWire File Photo / Dan DeLong)

Redfin laid off 201 employees, or about 4% of its workforce, on Tuesday as it continues to trim expenses in response to the housing downturn and ongoing economic uncertainty.

A company spokesperson confirmed the cuts to GeekWire on Wednesday. This is the third time in less than a year the Seattle real estate company has conducted a workforce reduction.

“While another layoff is painful, especially for those leaving the company, Redfin must continue to adapt to the current economic climate,” the spokesperson said in a statement.

Redfin said last November that it would wind down its home-flipping program RedfinNow and eliminate 862 positions, or 13% of its workforce. That came after an 8% workforce reduction last June.

Redfin revenue fell 25% in the fourth quarter after mortgage rates and a sluggish market kept many buyers and sellers on the sidelines. The company also reported a net loss of $61.9 million, compared to $27 million in the year-ago quarter.

The layoffs come despite Redfin’s statement in January that the housing market had begun to recover. That report cited increases in the number of users requesting tours and contacting agents to start the home-buying process.

The most recent round of cuts will mostly affect workers in the real estate support segment. Laid off employees will receive 10-15 weeks of severance depending on tenure and healthcare coverage for three months, according to the spokesperson.

A number of real estate tech companies have laid off employees in Washington state over the last year in response to the market downturn including Zillow, Flyhomes, Compass, and others.

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