This paper aims to provide a basis for the differentiated macro-control policy of regional housing markets by studying the heterogeneous convergence of regional house prices. Using the nonlinear time varying factor model, this paper empirically studies the house prices of 30 regions in China with data covering from 2001: M1 to 2013: M12. The results show that the conventional de? nitions of economic or administrative regions may not be appropriate to analyze housing price segregation in China. There exists a heterogeneous convergence in regional house prices which could be divided into three convergent subgroups. Geographical factors or economic factors are not the dominant factors in regional housing prices convergence, and important real estate macro-control policies can essentially alter the convergence of regional house prices, with generally a time-lag effect of 4 to 5 months after the issued policy.