This paper summarizes the current operation situation of the real estate market，and holds that the current enthusiasm for investment in real estate development continues to rise，but the follow-up growth is weak. The cooling of the land market further lowers the market price；the lack of motive force for the growth of market sales will lead to the overall downward passage；and the real estate market will be further adjusted. Under the downward pressure of the market，some potential risks may be aroused，such as the risk of price bubbles caused by urban polarization，the hidden danger of market risks in the small and medium-sized cities after the withdrawal of the shed reform，the housing vacancy problem under the market turn cold situation，the risk of the shrinking urban real estate prices falling too fast，and the collective land entering the market to the leasing market. The impact of the market and the local financial pressure brought by the downturn of land transactions. From the point of view of maintaining the stability of the real estate market，government regulation and control should increase the land supply of hot cities to maintain the stability of land prices；focus on preventing the risk of rapid price decline in some third and fourth-tier cities；adhere to macro-prudential supervision，improve policy regulation and control means through multiple channels；avoid incremental planning，and pay attention to the redevelopment of stock land；to levy vacancy tax in time to improve the utilization rate of housing；to strengthen real-time monitoring，forecasting and early warning.