SinceJuly3,1998,issuedthe"onthefurtherdeepeningoftheurbanhousingsystemreform,speeduphousingconstructionnotice",China'srealestateindustryrapiddevelopment,hasgraduallybecomeanimportantindustrytoincreasethedomesticdemand,pullingGDPgrowth,in2012theStateCouncilissuedthenotice,havebeenestablishedasthepillarindustryofthenationaleconomy.Butwiththerapiddevelopmentoftherealestatemarket,realestatepriceshavesoared,therapidexpansionof.Facedwiththissituation,ourgovernmenthasintroducedvariouspolicies,buttheeffectisnotveryideal.AimingattheproblemofthedevelopmentofChina'srealestateindustryanditsuniquecharacteristics,combinedwiththeinfluencefactorsofrealestatepriceandthemonetarypolicyofthecentralbank,aprofounddescriptionofthetransmissionmechanismofmonetarypolicyonrealestatepriceinChina,thenationalcommercialhousingsalefoldasrealestateprices,selectinterestrate,moneysupply,bankcreditanddepositreserverateasindicatorsofmonetarypolicy,andintheVARmodelbasedontheempiricalanalysisoftheimpactofmonetarypolicyonrealestatepriceinchina.Inthelongrun,thereisalong-runequilibriumrelationshipbetweenrealestatepriceandthemonetarypolicyvariable,andthereservevolumeandthedepositrateofbroadmoneysupplyhasapositiveimpactonprices,therealinterestrateandbankcredithasnegativeimpactonthepriceofrealestate;intheshortterm,thelaggedbankcredittotherealestatepricehasasignificantnegativeimpact,laggingbehindthebroadmoneysupplyperiodhaveasignificantpositiveimpactonrealestateprices,andoneperiodlagdepositreserveratioonthepricesareapositiveimpact,buttheimpactisstillrelativelysmall.Itappearsfromtheimpulseresponseoftheresults,realestatepricesisnegativeresponsetointerestrateshocks,thebroadmoneysupplyshockisapositiveresponse,thedepositreserverateonrealestatepricesimpacttheshorttermisnegative,thelongtermeffectispositive,thebankcreditshocks,thepriceofrealestateapositiveresponsetoweak.