Existing home sales up due to low mortgage rates

With the recent drop in mortgage rates we have seen an increase in purchase volume.  California refinance rates are typically the same as California purchase rates however some lenders (at times) do provide slightly better terms for purchase loans (not always though).  According to the National Association of Realtors (in a report just released):  “Existing home sales increased nationally in the month of July to a seasonally adjusted annual rate of 4.47 million homes. This is an increase of over 2% from the 4.37 million rate set in June and over 10%  higher t the same period last year. The national median price of existing homes also rose on an annual basis for the fifth consecutive month according to data released today by the National Association of Realtors.”