Six ZIP codes had prices drop 20 percent or more during the quarter compared with the fourth quarter of 2006, according to statistics released Monday by San Diego-based DataQuick.

Overall, the median prices fell 12.5 percent in the fourth quarter to $155 per square foot or $271,392. The statistics cover the sales of new homes, existing homes and condos.

Sales during the fourth quarter for all three categories were bleak, with the 8,668 recorded representing a 50 percent drop from the fourth quarter of 2006.

One of the hardest hit areas for single-family housing was 89146 - an area bounded by Charleston Boulevard on the north, Spring Mountain Road on the south, Rainbow Boulevard on the west and Decatur Boulevard on the east. Its prices fell 28 percent to $211,075.

Another hard-hit area was east of the Strip in 89169, which has many condo conversions. Its median price fell 52 percent to $204,500.

Some of the biggest declines included 89014 in Henderson, an area that includes Whitney Ranch. Its prices fell nearly 22 percent to $241,500. Other big decliners included 89149, down 23 percent; 89178, down 24 percent; and 89124 in Sloan, down 26.5 percent.

What's surprising is that nine of the 58 ZIP codes saw increases in their median prices during the fourth quarter. Some of the biggest gains were in the corridor west of the Strip, likely because of high-end condo sales. The median price rose 24 percent in 89103 in an area that includes Palms Place.

The other ZIP codes with increases were 89101; up 14 percent; 89102, up 11 percent; 89109, up 4 percent; 89117, up one-half of 1 percent; 89118, up 4 percent; 89123, up 4 percent; 89145, up 6 percent, and 89166, up 5 percent.

For more information about other ZIP codes, go to http://www.dqnews.com.

: Dennis Smith, president of Home Builders Research, says he expects prices of new homes to stay at their current level for quite a while because of the high inventory of existing homes on the market. The median price of new single-family homes is $273,000, 17 percent below where it was a year ago.

The 1,764 sales of new homes in January and February were down 49 percent from the first two months of 2007, Smith says.

As for the for-sale market, Smith says the median price in February was $235,000, a year-to-year decline of $54,000 or nearly 19 percent.

With about 40 percent of the existing home sales in some phase of foreclosure, Smith says he expects the median price to remain at or below the current level.

"It appears many foreclosures are now being sold by banks at roughly 35 percent to 50 percent below peak prices of 2004," Smith says. "If at least 40 percent of the existing home sales are in some phase of foreclosure, that translates to 600 to 700 recorded sales per month that are being removed from the market.

Smith says he doesn't expect the foreclosure spigot to turn off quickly and that will continue to hold down prices. He suggests that prices won't rebound until 2010, albeit at a slow pace.

The reemergence of the Federal Housing Administration as a primary source for new home financing for loans of up to $400,000 will help the housing market recover, Smith says.

As many as 80 percent of single-family homes could have qualified for FHA financing in February and a 3 percent down payment is an attractive incentive, he says. Some lenders have suggested that as much as 80 percent of their business will go back to FHA and Veteran's Administration loans, he says.

Smith says investors continue to be active in Las Vegas but this group is far different from the "amateurs" who were flipping homes in 2004 and 2005. The existing investors are scooping up the homes in default or that are bank owned because they believe Las Vegas will be the first metro area to emerge from the housing recession given the anticipated job growth.

Five Las Vegas builders sold more than 1,000 homes in 2007, Smith said. They were KB Home, 2,026; Del Webb, 1,430; Lennar Homes, 1,261; Richmond American, 1,238; and DR Horton, 1,065.

The other builders breakdown was Pulte Homes, 795; Centex, 784; Pardee, 717; Woodside Homes, 443; Beazer Homes, 395; Kimball Hill Homes, 393; Rhodes Homes, 352; Astoria Homes, 328; Ryland Homes, 307; Warmington Homes, 296; Signature Homes, 276; and Meritage Homes, 269.

Among condo developers, Turnberry sold 758, Panorama Towers sold 353 and Sky Las Vegas sold 320 units.

Brian Wargo covers real estate and development for In Business Las Vegas and its sister publication, the Las Vegas Sun. He can be reached at (702) 259-4011 or by e-mail at wargo@lasvegassun.com.