July home sales in the Bancroft area have dropped almost 40 per cent year-over-year.

That’s according to the Bancroft and Area Association of Realtors, which reports 27 homes were sold in July. President Marilyn Dillon says home sales have cooled sharply over the last two months, in line with trends in many markets to the southwest of here.

However, the average price of a home increased almost nine per cent since last year to almost $224,000.

The average time a home spent on the market was seven months at the end of July, up from just over five last year.