Abstract: To analyze Shenyang’s commercial housing market， Shenyang commercial housing price index was studied with hedonic price on the basis of the price index construction at home and abroad and the actual situation of Shenyang real estate market. Using 16 hedonic variables and adopting the semi-logarithm model， a hedonic price model of Shenyang commercial housing was built and tested， which confirmed 14 hedonic variables impacting Shenyang commercial housing price as well as their interrelationships. Based on the price index formula， the hedonic price indexes of Shenyang commercial housing from 2006 to 2013 were calculated and it was concluded that the growth rate of Shenyang commercial housing price has slowed down year after year. Finally， some reasonable proposals were made to tackle the problems which might occur in the future market.

Key words: hedonic price, index, semi-logarithm model, real estate bubble, sustainable development