Abstract: Based on the data ranging from the first quarter of 2000 to the fourth quarter of 2009， this paper， by adopting the FIGARCH model， empirically studies whether there exists a longterm memory fluctuation rate of housing price. The findings indicate that the fluctuation of China’s housing price is characterized by longterm memory， agglomeration effect and heteroscedasticity. Some suggestions are then put forward on the regulation and control of real estate and housing price—more attention should be paid to quantitative tools in housing price regulation， the policy stability and durability should be emphasized， and the financial institutions should evaluate the credit risks of real estate irregularly.

Key words: housing price, longterm memory, FIGARCH model