Utah-based flat-fee brokerage Homie has laid off approximately a third of its employees, the company wrote Saturday on Linkedin in a post that attributed the decision to a “changing real estate market.”

One hundred nineteen of Homie’s 414 employees were laid off, a company representative confirmed Monday.

In the Linkedin post, Homie wrote that it would shift gears into making homeownership more accessible for buyers amid an ongoing inventory shortage.

Limited housing inventory has also created a challenging real estate market for home buyers; driving up prices and making homeownership less and less accessible,” the post states. “We are now refocusing on helping solve this problem by making buying a home possible for more people. Those leaving today have helped to build the products to make this a reality. They will be greatly missed.”

The brokerage was founded in 2015 and almost immediately made waves for its business model, wherein it charges buyers and sellers a flat fee of $1,500 instead of a commission while still utilizing agents and attorneys who guide customers through the closing process. The company has expanded to offer home loans, insurance, and title services.

The layoffs will not impact the company’s ability to serve clients in Utah, Arizona, Nevada, Colorado and Idaho, according to the message on Linkedin.

A company representative did not respond to questions from Inman regarding what sections of the company were most affected by the layoffs.

Homie has raised a total of $35.1 million in venture capital throughout its existence, most recently raising $23 million in a Series B round in February 2020, which the company said it planned to use to expand into Las Vegas and two other Southwestern markets by the end of that year.

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