Abstract: The utility of real estate presents a diversified trend under the joint action of multiple influencing factors. Real estate consumption utility and real estate investment utility are the main utilities obtained by consumers when purchasing and investing in real estate. In addition, influenced by policy spillover effect, financial institutions' risk control degree and consumers' psychological safety margin, consumers can get more benefits when buying or investing in real estate.Based on the system theory and VAR model, this paper verifies the relationship between policy spillover utility, risk control utility and psychological safety utility of commercial banks and real estate price, as well as the relationship between personal annual income and house price. The results show that: policy spillover utility, risk control utility of commercial banks and psychological safety utility have impacts on real estate prices; and as an intermediary variable, the annual income of consumers has a significant impact on the average house price. Only to increase the supply of land and restrict the purchase of land can not significantly inhibit the rise of house prices, but to change the credit scale of banks can alter the trend of house prices. Other effects brought by psychological safety margin of customers and the degree of bank risk control also exert some influence on house price.