Based on multivariate econometric model determining the microscopic forming mechanism of housing price and land price，this article makes theoretical and empirical analysis of the relationship between housing price and land price. Study finds that there is a long-term equilibrium relationship among the housing price，land price， completed housing cost and the ratio of housing sales area and completed housing area，that although land price is Granger cause of housing price from long-term perspective，however，the influence of housing price on land price is much bigger than the influence of land price on housing price from the perspective of variance decomposition，that the key factor for the rise of housing price，relative to the influence of land price，is “housing price inertia” and the imbalance between supply and demand，and that after housing price and land price are shocked，the response value of housing price and land price to the stochastic impulse will go to the maximum after six to seven quarter and become stabilized soon afterwards. Therefore，the key to improving the effect of the real estate regulation is the suppression of “housing price inertia”，the introduction of policies for regulating housing price should be ahead of the time，meanwhile，the implementation of the policies should take a long time，and reverse balance between supply and demand of real estate should be realized by regulating policies.