Based on the empirical research indicating that there exists real estate market anomaly in China during period of 2001--2014, our study quantifies the expectation-driven cycles for housing market fluctuations by estimating a New Keynesian model. We find that （1） News on technology shock significantly contributed to the abnormal booms in housing price from 2002-2012, and the persistent bust since 2013. （2） Expectations of credit shock and unanticipated interest shock accounted for the situation of ＂quantity decreases but price untouched wit...
