房 (fáng) means "house" or "room." It is a common morpheme in compound words related to buildings and property, such as 房屋 (house), 房间 (room), and 房地产 (real estate).
他们打算买一套新房。
Tāmen dǎsuàn mǎi yí tào xīn fáng.
They plan to buy a new apartment.
这间房的采光特别好。
Zhè jiān fáng de cǎiguāng tèbié hǎo.
This room has particularly good natural lighting.
房价最近又涨了不少。
Fángjià zuìjìn yòu zhǎng le bù shǎo.
Housing prices have gone up quite a lot again recently.