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With the arrival of thehousing stockin first-tier cities,the second-hand housing market will become the dominant property market.This article aim to the first-tier cities of second-hand housing prices and new home price index for the empirical analysis,the data related to the cointegration analysis found that the result of the first-tier cities real estate market in China,the new home price index is the significant factors influencing the second-hand house price index.For Beijing,Shanghai second-hand housing and new home price in-dex time series johans test,found that there exists cointegration relationship between two varia-bles,the new city real estate market prices out of a line on the secondary market have clear guide.Therefore,the real estate market regulation aiming at the first -tier cities and thehousing stockshould take the second-hand housing market as the main direction,starting with the sale price and influencing factors of new houses.At the same time,in different cities, we should adhere to the citys policies,reflect the policy differentiation,promote the reform of the real estate supply side,and promote the ret of housing properties.