In Albuquerque, New Mexico, the only statistic headed south these days is unemployment. Strong job growth in the state’s largest city drives wages and home prices in an area that continues to beat the odds in real estate. Rated as the No. 1 real estate market in the West by Forbes, Albuquerque home sellers unload properties in about a month and the prices are up to nearly $205,000 for all property types -- an increase of more than 7 percent for the same reporting period as last year.

Single family homes are selling for nearly $250,000, while townhouses in the city average $160,000. Since 2004, the average price of home has increased 40 percent.

Meanwhile, the average apartment rent in the city runs at $600. The region’s relatively low housing expense and low cost of living continues to draw business from around the globe and employment is up 15 percent. Forbes magazine dubbed New Mexico’s largest city in 2004 as the 12th best city in the nation for doing business. And last year, it was the 13th fastest growing city in the United States.

More than 700 manufacturing companies call Albuquerque home, including GE, General Mills and Intel. The local Economic Development Authority continues to push for high-tech jobs in the area, including wireless technology, insurance and financial firms.

Job growth and the diverse economy seem to be shielding home prices, even as the number of homes selling has dropped throughout the year. Inventory has increased in 2007, but so have prices month after month.