Based on data from Q1 of 1998 to Q4 of 2011,this paper first builds the structural vector autoregression model with the incorporation of deposit reserve ratio,interest rate and money supply,then it analyzes the strength and timeliness of the impact of various monetary policy tools on real estate price. The result shows that deposit reserve ratio has negative effects on housing price in the medium run and positive effect in the short run and long run; interest rates have negative effects on housing price in the short run and medium run,but the regulating effect is obvious in the medium run; and M2 has the positive effects on housing price in the short and medium run and negative in the long run; deposit reserve ratio and M2 have more impact on housing prices than interest rates. Therefore,this paper concludes that the central bank should adopt deposit reserve ratio as an important means to regulate the real estate market,actively promote the marketization of interest rate and reasonably control the supply of M2,and increase the flexibility of monetary policy.