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2008年金融危机后，全球经济基本步入“新常态”。为应对“新常态”，中国政府采取措施，使全国经济呈现新“外貌”。针对新常态背景下房地产和股市状况，以国房景气指数代表中国房地产行业发展情况、上证综合指数收盘价表示股市行情，建立VAR模型进行分析。之后引入货币供给量，重新建立模型，经脉冲响应、方差分解分析，得出上证综指、国房景气指数主要受自身行业的影响；货币供给量给房市和股市造成的影响度大于两个市场相互间的影响程度；观察短期内房地产行业、股市两者之间相互的贡献度，房市对股市的贡献度更大。“,”After the 2008 crisis, global entered into a“new normal”. As a response to the“new normal”, Chinese government takes measures to make national economy present a new “appearance”. According to the new normal background in the real estate and stock market conditions, using the State Housing boom index on behalf of Chinese real estate industry development and Shanghai Composite Index closing price on behalf of stock market, establishing a VAR model to analyze them. After the introduction of the money supply, the article reconstructs the model. The results show that the State Housing boom index is mainly affected by the shadow of the industry itself, the monetary supply to the housing market and the impact of the stock market is greater than the impact of the degree of interac-tion between the two markets, and in the short term, the impact of the real estate industry to the stock market is greater than the impact of the stock market to the real estate industry.