The housing market is one of the monetary policy instruments in macro-prudential terms. The overall policy adopted through the Loan-to-Value ratio does not accommodate different regional characteristics. Location and area characteristics are important factors that influence the development of housing property prices. This study uses panel data regression analysis, with objects from 15 cities in Indonesia from 2007 to 2017. The results of the analysis provide proof that the building rent, population density, construction costs, Gross Regional Domestic Product, unemployment rate, and minimum income, affect housing prices differently in each growth category, while the LTV ratio and inflation do not have a significant effect on house prices. The regional economic growth is used to form regional clustering based on the speed of house price growth so that monetary policy in the housing sector achieves the target.