Abstract: Abstract：By introducing consumer preference heterogeneity and skill heterogeneity into the new economic geography model including regional housing prices, this paper analyses the mechanism of the impact of housing prices on labor mobility and real economy.The results show that, under the influence of heterogeneous labor force, the rise of regional relative housing prices leads to the outflow of low-skilled labor force and the agglomeration of high-skilled labor force,moreover, the objective and livable conditions of the region are attractive to the inflow of labor force, thus changing the structure of regional labor force and inducing the change of real economy agglomeration;relative housing price rise restrains the inflow of low-skilled labor force and promotes the agglomeration of high-skilled labor force,regional livable conditions have the function of “automatic stabilizer”;considering the inter-regional spillover effect, the short-term rise of regional relative housing prices has less impact on the real economy, which is conducive to the agglomeration effect of the real economy; in the long run, the rise of regional relative housing prices has a greater inhibitory effect on the real economy, which increases the risk of “hollowing out” of the industry.

Key words: regional housing price, heterogeneous labor force, real economy, spatial measurement