As the market economy expands rapidly in China, the real estate becomes an important force of national economy. Recently, there has been a growing concern among the public over the phenomenon of high housing price. The paper takes Chinese four municipalities directly under central government and western large and middle-sized cities during 2000-2008 as sample, and comparatively analyzes the effect of land price on housing price by using the unrestricted model of Panel Data in the case of Chongqing. The empirical results show that we generally make the effect of land price on housing price accordant, but there are differences of different cities. As a result, we should carry out corresponding approaches for the stability of the real estate.