Abstract: Based on the panel data of 31 provinces from 1999 to 2017, the system generalized moment (SYS-GMM) model and the dynamic panel threshold model were set up to conduct empirical tests to discuss the impact of rising house prices and real estate expansion on the development of high-tech industries. The study shows that rising housing prices and real estate expansion have a significant inhibitory effect on both the input and output of high-tech industries. After the 2008 economic crisis, the effect of rising housing prices on the input and output of high-tech industries was significantly enhanced。Further research shows that housing prices rise has a "threshold effect" on the development of high-tech industries. Specifically, when the HPIR (House Price to Income Ratio) is relatively low, the housing price rise will promote the development of high-tech industries. While the HPIR is relatively high, the housing price rise will significantly inhibit the development of high-tech industries. High-tech input and output have certain inertia. The government''s support plays an important role on promoting the development of high-tech industries. Corresponding countermeasures and suggestions were put forward according to the research conclusion.