China's pre-owned housing market is cooling down, with the average price declining by four percent in 2018, according to a government survey of 70 cities.

The survey also shows that prices of pre-owned houses dropped in October.

Zuo Yanfeng, a real estate agency employee, said that his company has downsized due to the state of the market. With falling housing prices, homeowners are also lowering their sale prices by 5-10 percent, to little avail.

“There is a house that had a price of 3.1 million yuan before the National Day holiday. The house owner has since adjusted the price several times to its current price of 2.85 million yuan,” Zou said.

The epidemic is nationwide. In October, only 8,879 houses were sold in Beijing, as well as in Guangzhou, with the sale of pre-owned houses dropping by over 51 percent in November year on year, a record low for the past 33 months.

Experts said there is a strong wait-and-see attitude in the housing market. And China's policies to curb frenetic housing prices have had an effect on the market for secondhand houses.