A shift is happening in the housing market in Pueblo County

PUEBLO COUNTY, Colo. (KRDO)--The housing market is seeing a change as interest rates continue to remain high.

According to a broker associate at Re/Max of Pueblo Inc., Mike Pospahala, interest rates were sitting at about 5% this time last year but now those rates are as high as 7%. Since the increase, it has made it more expensive to borrow money from lenders which makes it more expensive to buy and keep a home.

Pospahala said two years ago there was a lot of competition to buy a home. He said a lot of homes were sold above the asking price.

 "If you can afford a house, get one because you're probably going to get a better buy than you did last year because you're not competing," said Pospahala.

Now, it's evening out a bit since there are fewer buyers out there than there was last year.

According to the Pueblo Association of Realtors, the amount of homes sold is down nearly 30% compared to this time last year. The average day a home has been on the market has increased by about 30 days, according to the Pueblo Association of Realtors.

Pospahala said it's not a seller's market anymore. Instead, it's a balanced market, which means there is enough demand from buyers to equal the supply from sellers.