Abstract: With the gradual abolition of restrictions on settlement in cities and towns, the progress of population urbanization will inevitably have an impact on the market positioning of “no real estate speculation” and the stability and soundness of the real estate market. Therefore, it is of great practical significance to explore the transmission mechanism of population urbanization that affects the price of commercial housing. Through theoretical analysis and empirical research on the relationship between population urbanization and commodity housing prices, this paper finds that population urbanization will not only directly affect commodity housing prices, but also indirectly affect commodity housing prices through the income level of urban residents as an intermediary variable; and the impact will exert a downward force on the price of commercial housing in the early stages of urbanization.