Every year I track purchase application data during the heat months to get a good gauge of where housing demand is at. The heat months for me are the 2nd week of January to the first week of May. The bulk of the volume in the purchase application data is really in April and May. After that, quantities tend to fall, and the data line isn’t as valuable but still needs to be tracked.
Well, let’s just say 2020 is an abnormal year due to the virus. The roller coaster in the data is historic because it all happened during the heat months.
2020 Purchase Application Heat Months Tracker: 11% growth week to week and only down now 10% year over year.
This is the year over year data.
BC data (Before Coronavirus)
AD Data (After the Disease)
-35% <- So far the peak % decline
AD avg. -22.875%
Another way to look at this data is from my brother from another mother, Len Kiefer, from Freddie Mac.