The housing problem is an important problem of relationship between national economy and people's livelihood, the research on the rules of price fluctuation in the housing market for consumers to choose the opportunity to purchase and making regulation policy, which has important reference value. In view of this, this study measure the fluctuation of price based on the return changes in the housing market yield and use the monthly return time sequence of new residential and second-hand houses in Shanghai as a sample from 2006 to 2016. Then we analysis the rules of price fluctuation in new residential and second-hand houses in Shanghai by building a group of GARCH model. Research shows that: the price fluctuation of the new residential market in Shanghai has significant autocorrelation, but there is no obvious agglomeration, asymmetry, and high return characteristics because of high risk. The price fluctuation of the second-hand housing market has a significant self-correlation phenomenon and has obvious clustering. In other word, the volatility of the next few periods will also be large if the price fluctuation of the past few periods is greater, and vice versa. Again there is no obvious asymmetry and high return characteristics because of high risk in the second-hand housing market.