While promoting the coordinated development of regional economy, the state-level new areas may cause the fluctuation of regional housing prices. By constructing a general equilibrium model, this paper explains the theoretical mechanism of the impact of state-level new areas on housing prices and uses PSM-DID method to evaluate the impact of state-level new areas on housing prices and its spatial spillover effects. This paper find that the state-level new areas significantly increase the local housing price by 4.7%, which lasts for 4 years, and has a positive spillover effect on the housing price of surrounding cities within 100～150km. This paper also provides suggestions on optimizing macro-control of real estate market and planning of state-level new areas.