This paper presents a discrete-time wave-propagation method to calculate the seismic response of multistory buildings, founded on layered soil media and subjected to vertically propagating shear waves. Buildings are modeled as an extension of the layered soil media by considering each story as another layer in the wave-propagation path. The seismic response is expressed in terms of wave travel times between the layers and wave reflection and transmission coefficients at layer interfaces. The method accounts for the filtering effects of the concentrated foundation and floor masses. Compared with commonly used vibration formulation, the wave-propagation formulation provides several advantages, including simplicity, improved accuracy, better representation of damping, the ability to incorporate the soil layers under the foundation, and providing better tools for identification and damage detection from seismic records. Examples are presented to show the versatility and the superiority of the method.