High mortgage rates have eroded homebuying demand in much of the U.S., and Boston is no different. In the last year, the metropolitan statistical area (MSA) has seen falling home prices, dipping consumer sentiment and an overall decrease in building activity.

Still, the market remains strong – thanks largely to its low supply levels, which, despite recent events, just aren’t enough to meet local demand.

As David McCarthy, president of the Massachusetts Association of Realtors, explains, “Inventory is tight and not looking to increase by a statistically significant amount any time soon.”

What does that mean for local buyers and sellers as we get into spring? Here’s what the data tells us, using information from the U.S. News Housing Market Index.

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