LAS VEGAS (KLAS) — The southern Nevada housing market ended the year with home prices losing all the ground gained during 2022, according to a new report.

The median price of an existing home sold during December 2022 was $425,000 which is down 1.4% from November and matches the median price from December 2021, according to Las Vegas Realtors.

Sales for homes, condos, and townhouses in December 2022 were down around 52% from a year ago. There were 6,211 homes listed for sale in December without any offers. That’s up nearly 176% from the same time in 2021.

The record high for home sale prices was $482,000 in May 2022 but home sales started dropping off when mortgage interest rates began rising.

“At the same time, people should know that these things are cyclical and that the sky is not falling. With prices leveling off and more homes available for sale, we’re seeing a more balanced market that makes things easier for buyers. It’s also a supply issue. We have more listings and fewer buyers,” LVR President Lee Barrett said.

He said home prices are still triple what they were during the post-recession bottom in January 2012 when the median sales price was $118,000.