In the context of "speeding up the construction of a new development paradigm with domestic circulation as the main body and the domestic and international dual circulation promoting each other"

China needs to further clarify the comprehensive influence of real estate on investment and consumption. Based on the data of 286 cities from 2005 to 2018

this article empirically studies the effect and mechanism of housing price fluctuation on economic growth by constructing the chain multiple mediation model and the threshold model. It is found that the rise of housing price has independent and chain mediation effects on economic growth through the two channels of investment and consumption

among which their independent mediation effects account for 36.12% and 26.91% of the total effects respectively while their chain mediation effects account for 13.96%. Regional differences are significant. The positive effect in the central region is greater. There is a double threshold effect on the economic growth of housing prices. The effect of high housing prices on economic growth tends to be negative. Housing price has a significantly positive impact on fixed asset investment. However

when the ratio of real estate investment to fixed asset investment rises to a certain level

the rise of housing price turns to inhibit fixed asset investment. Low housing prices have a significantly positive impact on consumption. However

with the rise of housing price-to-income ratio

the inhibition of housing prices on consumption becomes increasingly strong.