中文摘要：

房地产资产是我国居民最重要的资产财富，房价波动通过财富效应影响居民消费支出行为。对全国和特定地区的数据进行稳定性检验、因果关系检验和加入房价变量的消费函数模型实证检验的基础上发现，房价上涨对我国居民消费支出有显著的抑制作用。房价波动的财富效应在不同地区之间存在很大的差异，不同类型商品房屋的财富效应是不同的，财富效应分析可作为考量房地产市场需求结构和价格合理性的一个测度。

英文摘要：

For Chinese denizens, real estate is the foremost asset fortune. Fluctuation of real estate price will affect their consumption behavior. In this article, stability, causal relation, and consumption function model with real estate price are tested on the data of the state and special regions＇ real estate prices. The results show that real estate price rise restrains consumption, the fortune effect of real estate price fluctuation are different among regions and real estate types. The analysis of real estate fortune may be a measure of demand structure and rationality of price.