The panel data of 14 cities in Hunan Province has been used to analyze the influences on the urban residents ' consumption by the real estate price fluctuations. This paper draws three important conclusions. Firstly, the influences on the urban residents' con- sumption by the real estate price fluctuations are significant. Secondly, the overall influences on the urban residents~ consumption by the real estate price fluctuations are different in different periods. Thirdly~ the influences on the urban residents' consumption by the real estate ...