Opendoor Technologies Inc on Tuesday said it was cutting roughly 560 jobs, or 22% of the workforce at the online U.S. real estate firm, citing a declining housing market.

The announcement followed a previous round of layoffs in November when the San Francisco company cut 550 jobs, or about 18% of its workforce at the time.

"We're taking these actions now to better align our operational costs with the anticipated near-term market opportunity," the company said in an email confirming the layoffs. Opendoor said new listings have fallen by around 30% from their peak in 2022 due in part to higher mortgage interest rates.

Shares of Opendoor, which as of Monday were up nearly 60% this year, fell more than 5% to $1.66 in mid-afternoon trading.

Most of the job cuts announced on Tuesday were in the company's operations unit.

People walk in the rain by commercial real estate for rent along 125th street in the Harlem area of New York City