Complex systems and statistical physics in housing markets

Abstract

Complex systems far from thermodynamic equilibrium feature emergent behaviours that classical models cannot describe. Housing markets are an example, driving systemic financial risk and socia ly price indices analysed present heavy tails, confirming a high probability of crises. Mean squared displacement scaling reveals a short-term superdiffusive regime that transitions to subdiffusion, uncovering a finite market memory. Escape times display a strong temporal asymmetry, reaching upward barriers six times faster than downward ones. Using random matrix theory, we identify a dominant market mode alongside a secondary group mode in heterogeneous regions. These results introduce statistical physics into the understudied housing market, providing a framework directly applicable to systemic risk monitoring.