After the 1997 currency crisis, the real estate prices had been rapidly dropped and the deregulation in the Korean real estate merket has been performed. It is analyzed whether these transactions caused a structural change in real estate market, or not. The Pettitt test shows there exists a turing point in real estate prices in 1998. It is found that the degrees of co-movement between the change in real estate prices and real GDP growth rate are increased. Consequently, the factor, represented as real GDP growth rate, determining the market fundamental of real estate prices will effect on the behavioral pattern and the real estate prices in the long run. While the factors determining the portfolio selection behaviors, such as interest rate and stock prices, will cause short-term variations.