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Drawing on 'market-as-network' and collective sensemaking theoretical lenses, this study examines the determinants of organizational sensemaking in the regulated housing market and how organizational sensemaking impact the overall housing market over time. This study adopts a qualitative case study method by inviting twenty interviewees from the Malaysian housing market. The interview data is supported by documents and observations. This study suggests that housing market actors' sensemaking are influenced by (1) their network roles, shareholders' background that determines their priority in the decision, (2) their cultural and ethnic background, and (3) network externalities that arise from upcoming situational events. The housing market actors' ongoing sensemaking also leads to constant network renewal and regeneration. This study suggests that sensemaking is a useful "theories-in-use" tool. It potentially assists the property developers and policymakers in strategizing in a regulated network. It also offers policy insights and potential solutions to the low-to-middle-income homebuyers. [ABSTRACT FROM AUTHOR]