Abstract: Using the panel data of 35 large and medium-sized cities in China from 1999 to 2017,panel regression models of both national and regional are established to explore the causes of housing prices fluctuation. The results show that:price expectation has significant positive impacts on national and regional housing prices,and its influence on housing prices in most regions is greater than others. population has a positive impact on housing prices,but this impact is only significant in the North Coast,East Coast and South Coast. income has significant positive impacts on housing prices in the South Coast,Yellow River,and Southwest,while in the North Coast,East Coast,Yangtze River,Borthwest,and Northeast,the influence is not significant; as the cost factor,the housing cost has a positive impact on housing prices in most regions,except for the national level,the Southwest and the Northwest in the regional level. as the policy factor,credit availability has a positive impact on housing prices,and the impacts are significant in most regions,except the South Coast and Yellow River. housing investment and housing prices are negatively related,its non-significant relationships exist in most regions,except a few economically developed areas,such as the North coast and the East coast. Therefore,the regulation and control of the real estate market in the future should be treated differently,according to local conditions and the different influencing factors of regional housing price fluctuation.