{"id":5181,"date":"2026-06-07T21:47:29","date_gmt":"2026-06-07T13:47:29","guid":{"rendered":"http:\/\/www.gssinst.org\/irer\/?p=5181"},"modified":"2026-06-07T21:53:45","modified_gmt":"2026-06-07T13:53:45","slug":"measuring-new-housing-prices-in-pre-sale-markets-a-repeat-sales-approach-using-purchase-contract-cancellations","status":"publish","type":"post","link":"https:\/\/www.gssinst.org\/irer\/2026\/06\/07\/measuring-new-housing-prices-in-pre-sale-markets-a-repeat-sales-approach-using-purchase-contract-cancellations\/","title":{"rendered":"Measuring New Housing Prices in Pre-Sale Markets: A Repeat-Sales Approach Using Purchase Contract Cancellations"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5181\" class=\"elementor elementor-5181\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6b084dbc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6b084dbc\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-47d15be8\" data-id=\"47d15be8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-73767d13 elementor-widget elementor-widget-text-editor\" data-id=\"73767d13\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><div class=\"article_label\">Article<\/div><p class=\"article_title\">Measuring New Housing Prices in Pre-Sale Markets: A Repeat-Sales Approach Using Purchase Contract Cancellations<\/p><div><p class=\"title_label_large\">Author<\/p><p class=\"title_label_large\">Start Page \/ End Page<\/p><p class=\"title_label\">Volume<\/p><p class=\"title_label\">Issue Number<\/p><p class=\"title_label\">Year<\/p><p class=\"title_label_large\">Publication<\/p><\/div><div><p><!-- Author \/ StartEndPage \/ Volume \/ IssueNumber \/ Year \/ Publication --><\/p><p class=\"title_text_large\">Francisco Javier Lozano<\/p><p class=\"title_text_large\">279 \/ 317<\/p><p class=\"title_text\">29<\/p><p class=\"title_text\">2<\/p><p class=\"title_text\">2026<\/p><p class=\"title_text_large\">International Real Estate Review<\/p><\/div><div class=\"empty\">\u00a0<\/div><p class=\"abstract_label\">Abstract<\/p><p>In markets dominated by pre-sales, which is a structural feature of housing provision in emerging economies, constructing price indices is limited by the lack of resale history. Addressing this statistical blind spot, this study proposes a novel empirical strategy which exploits purchase contract cancellations to identify repeat-sales pairs. Utilizing a dataset of 25,049 pairs from Santiago (2013\u20132024) in Chile, this approach mitigates depreciation bias by comparing the same never-occupied unit over time. Results from geometric and arithmetic estimators reveal three key findings: (1) a distinct price hierarchy, where capital appreciation disproportionately favors entry-level housing and investment segments; (2) the index serves as a leading indicator, which anticipated the post-2021 market correction ahead of official administrative records; and (3) a 27% nominal loss rate in subsequent placements, which exposes the magnitude of price adjustments consistent with liquidity frictions. These findings validate cancellations not merely as administrative voids, but as real-time signals of financial distress, thus offering a replicable monitoring tool for global jurisdictions reliant on the pre-sale leverage model.<\/p><p><br \/><!-- PDF DownloadLink --><\/p><p class=\"download\"><a href=\"http:\/\/www.gssinst.org\/irer\/wp-content\/uploads\/2026\/06\/vol29_no2_4-MS25121001-Measuring-New-Housing-Prices-Lozano.pdf\" target=\"_blank\"><strong>View PDF &#8211; https:\/\/doi.org\/10.53383\/100423<\/strong><\/a><\/p><p>\u00a0<\/p><div class=\"empty\">\u00a0<\/div><p class=\"abstract_label\">Keywords<\/p><p>Housing price index, Repeat sales, Contract cancellations, Pre-sale market, Leading indicator<\/p><div>\u00a0<\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Article Measuring New Housing Prices in Pre-Sale Markets: A Repeat-Sales Approach Using Purchase Contract Cancellations Author Start Page \/ End&hellip;<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"article-template.php","format":"standard","meta":[],"categories":[287,288],"tags":[],"_links":{"self":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/5181"}],"collection":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/comments?post=5181"}],"version-history":[{"count":5,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/5181\/revisions"}],"predecessor-version":[{"id":5189,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/5181\/revisions\/5189"}],"wp:attachment":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/media?parent=5181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/categories?post=5181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/tags?post=5181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}