With the government policy of “Houses are for living in and not for speculative investment”，the housing market has been regulated by increasing administrative measures，which has completely changed the long-term expectation of house price rising in the second quarter of 2019. This change is reflected in many aspects，for example，in 2019，the house prices in the first-tier cities remained stable；the housing price in the second-tier cities no longer continued to rise sharply；the rise of the house prices in the third-tier cities has been slowered；the housing sales growth has slowed down；land transaction price premium rates continue to drop after the second quarter of 2019；and the number of unsold land has increased significantly，etc.. However，there are still several risks that deserve attention：The first，the bubble of housing prices in third and fourth-tier cities is accumulating. The next，the housing inventory in third and fourth-tier cities has entered a new round of rising cycle. At last，the default risks of small and medium-size real estate enterprises is outstanding. Looking forward to next year，we believe that there will be no substantial change in the real estate market. The growth rate of housing sales may continue the slowdown trend in 2019. The growth rate of housing prices will fall back，and housing prices in some cities may experience a downward process. The land market will return to rationality. The financial support of financial institutions to real estate enterprises will have greater differentiation，and market concentration in the real estate industry will further increase.