California real estate startup Reali is shutting down, with plans to lay off most of its employees on Sept. 9. The firm is the latest to fall victim to rising mortgage rates and a drop in home sales. 

The San Mateo, California startup cited “the challenging real estate and financial market conditions and unfavorable capital-raising environment” as reasons for shuttering its business that was founded in 2015 by Ami Avrahami and Amit Heller.

“Active real estate transactions will continue to be supported through the end of the year by a small team of employees,” the company said in a release. 

The startup details ⇒

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