Based on the housing vacancy rate as the breakthrough point, and by using the data of 35 relevant large and medium cities in China during 2004-2004, commercial housing vacancy rate in China on the fluctuation of prices has been analyzed. Results show that the housing vacancy rate and house price fluctuations are positively correlated, and at the same time the visible speculative housing demand is in the nature of consumption. Therefore, it is necessary to formulate related policies and measures to increase housing supply, manage buyers expectation and crack down on property speculation, restrain the housing bubble, and stablize the prices, in order to achieve that “house has its ownership” and “people have their own house”.