Background Coccidioidomycosis is an emerging fungal disease across the arid Americas and a frequent cause of community-acquired pneumonia. Understanding where Coccidioides populations originate, how they move across space, and whether they are expanding is important for interpreting changing patterns of Valley fever and anticipating future infection risk. Methods We prospectively collected and whole-genome sequenced 186 Coccidioides-positive clinical isolates submitted to a national diagnostic laboratory, and included 126 previously sequenced genomes. We applied genomic clustering, time-calibrated phylogenetic reconstruction, ancestral area reconstruction, mating-type assignment, and demographic inference to identify major populations, infer dispersal patterns, assess evidence for recombination and clonality, and reconstruct historical population dynamics. Findings We analyzed 312 genomes (139 C. immitis; 173 C. posadasii) and identified three major genetic populations within each species. C. immitis included two California-centered populations and one Pacific Northwest population, whereas C. posadasii included two Arizona-centered populations and one Texas-centered population. The most recent common ancestor was estimated at approximately 127,000 years for C. immitis and 234,000 years for C. posadasii. Most populations were not fully monophyletic, consistent with retained ancestral variation and/or ongoing gene flow. Inferred dispersal was largely asymmetric, with most movement originating from California in C. immitis and from Arizona and Texas in C. posadasii. Most populations contained both mating types, but one C. immitis population and a Brazilian subgroup of C. posadasii were clonal. All populations showed recent demographic expansion. Interpretation The evolutionary history of Coccidioides is characterized by strong geographic structure, ongoing gene flow, and recent demographic expansion. These processes are likely to influence future patterns of Valley fever endemicity and supports the use of genomic surveillance to detect shifts in disease risk as environmental conditions change.