This paper investigates the house price dynamics across 30 regions in China and explores whether common factors or regional factors are the main drivers of house market movements from a short- and long-term perspective. From a short-term perspective, we employ a dynamic factor model and reveal the common factors to be the main drivers, especially in high-growth regions. This is consistent with the conclusion of long-run house price convergence test. Our results also underscore the need for targeted monetary policies, particularly in high-growth regions, to maintain the stability of house market in China.