In this paper,a new method of recognizing real estate early warning indexes system based on the theory of system core and coritivity is given. According to the dependent degree of indexes, drawn from Gray Correlative Analysis (GCA), we can get the topology graph of real estate system and its core. Then we can recognize the key indexes, which can provide exact information about the development trend of the real estate. Finally, we use this method to predict the real estate development of Peking, and testify Its effectiveness. Empirical research result Indicates that this real estate early warning system based on the theory of system core and coritivity can reflect the developing character of regional real estate market well and truly, objectively appraise the development of the foregone and current real estate market, forecast the market developing tendency in the coming year and analyze warning condition.