Date of Award:

5-2026

Document Type:

Thesis

Degree Name:

Master of Science (MS)

Department:

Applied Economics

Committee Chair(s)

Man-Keun Kim

Committee

Man-Keun Kim

Committee

Hernan Tejeda

Committee

Ryan Bosworth

Committee

Zuyi Wang

Abstract

Housing markets revolve around perhaps the most consequential good to the average person, yet the relationships between local housing markets remain understudied. While major American cities appear to follow similar patterns, the nature of these connections is not fully understood. This project looks at housing markets across the western United States, using Dynamic Time Warping (DTW) to identify which cities tend to lead or lag others in price movements, and look at the overall similarity of their market movements. We also explore whether geographic distance, population growth, and income growth help explain why some markets are more similar than others. Using the Zillow Home Value Index from January 2000 through December 2025, we find that San Francisco is a consistent region-wide leader in long-run price trends, while Denver leads in shorter-term cyclical movements. We also find that market similarity is correlated with similarities in population and income growth, and that housing market patterns are regionally clustered.

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