Austin's REX Homes has reportedly made a second round of layoffs in three months.
HousingWire reported that the layoffs, announced last week, impacted 34 employees and followed a previous round of layoffs from August. REX Homes executives but did not respond to questions about the layoffs.
REX is a technology-focused residential real estate brokerage. It is led by CEO Jack Ryan and has raised $135.5 million in funding, including a $25 million private equity round in 2020, according to Crunchbase.
Lynley Sides, president, co-founder and chief operating officer of REX, reportedly told employees there will be no further downsizing, according to HousingWire.
In late 2019, REX had about 250 employees. It was not immediately clear how many it has now.
The reported layoffs come as REX, which does business as Real Estate Exchange Inc., continues to pursue an antitrust and false advertising lawsuit against Zillow that it started earlier this year. The suit was launched because REX says its listings were moved from Zillow's agent listings to other listings, limiting its potential audience. In September, a U.S. District Judge denied Zillow's motion to dismiss the case.
REX is not a member of local multiple listings services, a fact that lies at the heart of the lawsuit. One of REX's primary allegations is that its listings are de-prioritized because they are not part of the MLS. HousingWire reported, however, that the company may join local MLSs, a significant shift in its business model.
Sides also reportedly told employees that the company would shift its focus to "profitable" markets. HousingWire reported that the company shut down operations in Chicago and New York.
