In the background of turbulent international financial market and deceleration of the domestic economic growth，China’s macroeconomic control demonstrates its role and the real estate market climate falls back in 2008. The market suppliers suffer tight capital supply and the demanders look on the market development：the trading volume of commercial housing falls sharply and the rising amplitude of housing price slows down. The real estate market will enter a long-playing phase of adjustment in 2009. The demanders will not start purchasing in a brief period and the developers will be confronted with a new round “restructuring”，and the housing price will be called back. Under the action of the tight monetary policy，the risks of suspension of supply and unfinished buildings will appear probably. Furthermore，the difficulty in housing of middle and low-income families will get improvement with the housing structural adjustment and implementation of housing guarantee policies.