Abstract: As the population aging in China is increasingly serious, it is urgent and important to study the relationship between population aging and house price. According to different economic development levels, the 31 provinces of China are divided into developed regions, sub-developed regions and less developed regions. The empirical analysis using the 2000—2014 panel data of 31 provinces finds out that population aging and housing price are correlated at the national level, while there are significant differences of the impact of population aging on housing price at the regional level. In detail, while population aging and housing prices are positively correlated in less developed areas, they are negatively correlated in developed areas in a strong way and in sub-developed areas in a weak way. Apart from population aging, GDP per capital, population size, children's dependency ratio, urbanization rate and consumer price index all have different effects on house price in different regions. Therefore, in order to deal with the impact of population aging on real estate market, and promote the healthy and stable development of real estate market in China, the central government need to further improve the population policy, promote the sustainable development of local economy and help local governments play greater roles in the stability of local real estate market.

Key words: population aging, housing price, regional differences