The adjustment of industrial structure and rational development of the real estate market are important tasks in China at present. The deepening of population aging will affect both. Using the inter-provincial panel data from 2004 to 2016，this paper analyzes the spatial and temporal effects of industrial structure changes on housing price fluctuations in the context of population aging with a spatial dynamic panel model. The results show that China’s housing prices have significant spatial correlations，though heterogeneous in different markets，no matter geographical，economic or demographic spatial weight matrices are used. The optimization of industrial structure can significantly promote housing prices，while the rationalization of industrial structure has a positive impact on housing prices and the effect is sustainable for five years. Further analyses show that the effects of population aging and industrial structure changes on housing prices are significantly different in different markets and different regions. The impact of population aging on housing prices is completely realized through the indirect interaction with the optimization of industrial structure.