Since the past ten years, in order to control the price of the real estate to accomplish the expectation of the policy maker, a large amount of policy archives been issued frequently. And the so-called ＂New Policy of Real Estate＂ has become a common state. This situation reflects either the prompt variation or the absence of the policy performance of real estate market in China. Is the instability of the real estate market because of frequently emerging of policy or otherwise？ To promote the stable and healthy development of real estate market, the policy performance must be analyzed primarily, and subsequently the improving method upon the policy be explored. The scientific and reasonable policy should meets several qualifications such as improving market mechanism during the transaction process to spare the transaction cost , and restrain- ing the speculation demand during the retaining process to prevent the scarce resources of real estate from wasting.%过去十年来，为了调控房地产业，使其发展符合决策者的预期，房地产政策文件频繁出现，以至于使“房产新政”成为一个常态。不断更替的房地产政策既反应了中国房地产市场形势变化的迅速，也意味着这些政策绩效的缺乏。房地产市场是因政策频出而变得不稳定，还是因其不稳定而招致频繁的政策？促进房地产业的稳定健康发展，应在重点分析这些政策绩效之后，寻找出改善政策的思路。科学的房地产政策应该能够完善交易环节的市场机制，以节约房地产交易的成本，并能抑制保有环节的投机性需求，以防止稀缺房地产资源的浪费。
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