In the first three quarters of 2008，Shenzhen housing market continued the decline in the second half of 2007，prices remained low，housing turnover plummeted. In the end of 2008，by the positive policy implications，housing price became stable after it continued to fall in，housing turnover also became strong rebound after remained in the doldrums. Based on the huge housing stock，as well as the characteristics of more sensitive to the purchase price changes and policy changes in the needs of the residents，the real estate market in Shenzhen will depend on the economic fundamentals change and the adjustment of the real estate company’s strategy in 2009.