According to data released by National Bureau of Statistics，the national cumulative average of commodity house prices increased by 9% in September 2013，compared to that of the same period last year，including the prices of completed houses and forward delivery houses which rose by 12% and 8% respectively. However，the rising or falling of prices varied greatly in different cities. Compared to that of the same month last year，prices of new commodity houses （excluding indemnificatory housing） dropped in only 1 out of the 70 large or medium-sized cities while rose in all the other 69 cities. In the year-based price comparison of this September and last September，Beijing had the highest rise （20.6%），while Wenzhou had the lowest （-1.8%）. The problem of HPA has already gained wide attention. The article is intended to understand the present stage of Chinese real estate industry and to find out proper development strategies by discussing the evolution of real estate prices at different stages of economic growth. In the process，equilibrium house prices are calculated through the construction of the macro land price model and the user cost model. Historical trends in China and in other countries or regions，such as USA，Germany，Korea，Japan and Singapore，are also comparatively analyzed，with the help of indexes like house-price-to-income ratio，monthly-mortgage-to-income ratio，household debt ratio and houses in stock.