This paper compares the average house prices of three regions in China: eastern, middle and western, and shows the regional features are outstanding. To analyze this phenomenon, dynamic long-term panel equilibrium model and short-term change model of house price fluctuations are established from urban economy openness point of view, based on the panel data of 35 metropolises in China from 1998 to 2012, and a mute variable is introduced to analyze the relationship among the real estate prices of different regions and the key determinants affecting the house price fluctuations. The conclusions are as follows: firstly, ripple effect exists in house price fluctuations in diverse areas in China, which shows that western region's house price will rise if it happened in eastern region. Secondly, the key determinants affecting different region's house price fluctuations are different, even the same factor affects different regions to a different degree.
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