Abstract: A partial equilibrium model for real estate producer's profit maximization and consumer's utility maximization is established to look for the causes of housing prices increasing. The provincial panel data from 2002 to 2011 is used to decompose cost, demand and non-market factors of driven degree on China's housing prices in different time periods and different regions, and reveal the causes of China's real estate prices increasing. The results show that, in the "regions whose prices increase rapidly" of China, there is a significant demand-pull characteristic of housing price; But in the "regions whose prices increase slowly", the cost-push characteristic is obvious. On the other hand, before the financial crisis, China's housing prices have typical cost-push characteristics; while after the financial crisis, there is a significant demand-pull characteristic. Therefore, for the regions with demand-pull characteristics of housing price, we should inhibit the excess demand, reduce the speculative desire, stabilize market expectations and so on, to realize the effect of price regulation; And for the region with demand-pull characteristics of housing price, the governments should increase land supply and reduce land cost to curb the potential increasing of housing prices

Key words: housing price, cost-push, demand-pull