Posted on August 04, 2022
Utah real estate market disruptor Homie announced companywide layoffs last week as the tech startup reduced its workforce by some 28% amid unprecedented conditions for home buyers and sellers in Utah and around the country.
Homie co-founder and CEO Johnny Hanna said the staff reductions impacted 119 employees across the company’s operations in Utah, Arizona, Colorado, Idaho and Nevada. Hanna, a veteran Utah entrepreneur, said a confluence of market conditions put the company in a position of needing to make critical changes he described as the hardest decision he’s had to make in his career.
“Record low inventories have absolutely played a role in this,” Hanna said. “2021 was already an incredibly competitive year and we started out this year with even fewer homes than the same time last year. And it’s even more competitive.”
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