LAS VEGAS (KLAS) — A year ago, cutthroat bidding for a small number of available homes on the Las Vegas market was pushing prices toward a peak. Now, prices have come down and they have barely changed since December.

Las Vegas Realtors (LVR) released its report early Thursday morning showing that home prices have stabilized over the past three months. And that may be an understatement. Prices haven’t really changed at all — a huge departure from the norm, when they frequently changed by $10,000 or $15,000 from month to month.

In March, the median price of an existing home was $425,000, and a condo/townhome was $260,000.

“Southern Nevada was one of the first places to experience this recent shift in the housing market,” LVR President Lee Barrett said. “It seems logical to me that we may also be among the first to come out of this recent slowdown.”

“Our median home price hasn’t changed since December. Local home prices had previously been declining by 1 or 2% per month. This may be a sign that we’re near the bottom of this cycle.”

Prices for condos have actually increased since December. That may be a sign that when the market for homes eventually moves, it might start a new upswing. It has been a buyer’s market lately, but interest rates have tempered that. Over the past month, home sales have picked up, reducing the supply of available homes according to LVR’s report.

Perhaps the best gauge of that is how quickly homes are selling. In March, 65.7% of all existing local homes and 71.7% of all existing local condos and townhomes sold within 60 days. That’s up from February when 61% of existing homes on the market and 69% of condos/townhomes sold within 60 days.

LVR’s report does not include new homes, just existing homes. The median price is the one in the middle — half are higher and half are lower.

The number of cash buyers continues to decline, with 24.5% of all local property sales purchased with cash. that’s down from 27% the previous month, and far below the 2013 cash buyer peak of 59.5%.

And if you’re looking for a “fixer-upper,” good luck. “Distressed” sales continue to remain below 1% of all sales.