The factors influencing the housing market are various and complicated. In addition to demand and supply conditions in the market, the macro-economic and financial environments have important effects on the housing market. The disequilibrium between demand and supply in the housing market has not only caused severe fluctuations in housing prices and transaction volumes, but has also had serious impacts on economic growth and on the stability of the financial market; it has even led to social inequity. As a result, in making decisions on housing policy, the government should consider the diversity and complexity of the housing market.