The 4 indicators of urbanization rate, the proportion of floating population, the per capita income of urban households and the floor space of houses completed are used as proxy of the urbanization process. Using random effect panel data model, this paper makes a comparative analysis of the impact of process of urbanization on the real estate price in the whole of China, the developed provinces and the less developed provinces from 2005 to 2013. The empirical analysis finds that the increasing urbanization ratio and the proportion of floating population have an actual limited impact on housing prices; the increase of per capita income of urban households, obviously drives the urban housing price up; while the expansion of the completed housing areas causes the decline in price. The comparative regional analysis also finds that the different processes of urbanization has generated more effective real housing demand for the migrant labors in the developed provinces and developing provinces.