This paper examines if there is a long-run relationship between the time series representing regional housing markets via cointegration and multi index arbitrage pricing model(APM). Before testing cointegration, I check the stationarity of the time series by unit root test, and if there are casuality between the regional residential markets. I estimate and test the significance of the coefficients of APM. Cointegration tests result in there is cointegrating factor in the regional residential markets. But as the results of APM tests, there exists the evidences that the regional residential markets and apartment markets are cointegrated, and single family housing market and multi-family housing markets are segmented.