Home values in New England fell at a slower pace last year, suggesting prices may be nearing a bottom, according to the latest RE/MAX of New England Housing Market Outlook Report.

The report is cautiously optimistic since home prices are showing signs of stability.

One of the states surveyed — Vermont — noted an uptick in home values in 2011, making it the only state in the region to see an increase in home values.

The median, single-family home price in Maine edged down a slight 0.18% to $206,329 in 2011, compared to $206,697 a year ago.

Rhode Island saw home prices decline just 1.8%, with the median price hitting $266,256, compared to $271,370 last year.

Connecticut and Massachusetts also watched home prices drop slightly. In Connecticut, the median 2011 sales price hit $606,673, compared to $618,560 a year ago.

Massachusetts home prices held for the most part on a diversified economy and an active luxury home sector. Prices in the state fell a modest 0.4% to $376,925 in 2010 from $375,439 in 2011.

In New Hampshire, home values fell at a steeper rate of 4.1% from $255,493 in 2010 to $245,015.

Write to Kerri Panchuk.