The　relationship　between　financial　stability　and　the　real　estate　market　has　received　increasing　attention.　Understanding　the　interaction　between　them　may　monitor　financial　risk　and　real　estate　price　fluctuation.　This　paper　aims　at　examining　the　cross-correlation　between　financial　stability　and　real　estate　price　fluctuation　in　China.　A　measure　of　financial　stability　is　constructed　and　the　cross-correlation　between　financial　stability　and　the　real　estate　market　is　demonstrated　by　using　detrended　cross-correlation　analysis　(DCCA).　Furthermore,　multifractal　asymmetric　detrended　cross-correlation　analysis　(MF-ADCCA)　is　used　to　evaluate　the　scaling　properties　of　the　cross-correlation　among　financial　stability　and　real　estate　price　fluctuation.　Empirical　results　indicate　that　asymmetries　exist　in　the　cross-correlation　and　that　the　asymmetric　cross-correlation　is　multifractal.　The　cross-correlation　is　related　to　the　fluctuation　magnitude　if　the　financial　stress　index　(or　the　growth　rate　in　house　prices)　is　in　a　different　trend.　Finally,　DCCA　analysis　based　on　time-delay　is　employed　to　investigate　transmission　direction　of　the　cross-correlation.　Our　findings　indicate　the　transmission　direction　is　bidirectional,　but　the　impact　of　financial　stability　on　real　estate　price　fluctuation　is　larger　than　the　impact　in　the　reverse　direction.　(C)　2019　Elsevier　B.V.　All　rights　reserved.