In recent years, the demands for buying a house are suppressed by the rising and high housing price in the property market. The industry and educational circles have the question that whether the housing price is reasonable or not. Researchers should urgently investigate the existence of the property market bubble? If there is, researchers should know whether the bubble will be an economic threat. Perfect bubble warning mechanism could prevent the huge real estate bubble and a tremendous impact on our economic security. Based on this, this paper arranges, analyzes and summarizes the evaluation of the real estate bubble index; then studies the property market in Ningbo City, makes the measurement and analysis of single indicator, and builds a comprehensive system of early warning indicators by principal component analysis. At last, the paper gets the development status of property market according to the comprehensive early warning indicator.
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