As the housing market continues to slow down amid the Federal Reserve’s aggressive series of interest rate hikes, Zillow Group Inc. has been forced to lay off 300 employees.

The company announced through a spokesperson that it had eliminated roles in several divisions, including Premier Agent, the company’s core advertising service. The cuts comprised 5% of the company’s total workforce of 5,791 full-time employees.

Zillow is just the most recent company in the real estate sector to downsize, as the housing market has declined. In September Compass, Inc. laid off employees, adding to another round of job cuts it had performed earlier in the year. Redfin had also downsized its workforce earlier in the year.

Chrissy Roebuck, a Zillow spokesperson said in a public statement, “This week, we’ve made the difficult — but necessary — decision to eliminate a small number of roles and will shift those resources to key growth areas around our housing super-app,” although she noted the company is “still hiring in key technology-related roles.”

Zillow shares declined 1.76%, falling to $30.74 at the close on Wednesday. So far this year shares have declined roughly 52%. Zillow is scheduled to report third quarter earnings next week.