Abstract: this paper mainly analyzes the overall situation of the development of the commercial housing market and the structure characteristics and the essential characteristics of real estate market in China and fifteen factors influencing prices, the following conclusions and judging: most of the housing stock in China similar to the non-tradable shares of the stock market, the rest of the circulation of second-hand housing, especially the central city of secondary resources along with the advancement of urbanization, more and more scarce, easily manipulated by forces of speculative investment, appear irrational rise; The rise of China's real estate prices is structural and the result of the combined influence of 15 factors. There is no systematic real estate price bubble in China. As a result of cultural traditions and family planning policies, the commonly used price-to-income ratio and price-to-rent ratio are not applicable in China today.

Key words: Real Estate, Market Characteristics, Influencing Factors