This paper divides 70 large and mediumsized cities in China into 5 levels. Based on the data from January 2009 to June 2018 and bounded in December 2015，the GVAR model is used to study the impact of monetary policy adjustment on urban housing price，as well as the spillover effect of housing price and its direct effect on the housing price of various cities affected by monetary policy in two periods. The results show that the housing price of cities at all levels is positively responding to the impact of money supply，while the effect of interest rate impact is changed from negative to positive by the “destocking” policy. Compared to the time before the implementation of “destocking” policy，the response of urban housing price to changes in money supply and interest rate is stronger and the rate of convergence is faster. Changes in monetary policy have a heterogeneous impact on housing prices in different cities. The higher the urban development level，the higher the response to the impact of monetary policy. Moreover，the “destocking” policy makes the response of house prices in the new first and secondtier cities to the changes of monetary policy larger than that in the firsttier cities. The spillover effect of housing price among cities at all levels is conspicuous. Generally speaking，the higher the development level，the greater the spillover effect of housing price，and the spillover effect also aggravates the divergence of housing price between cities.