GTA housing sales in July dropped 40.4% from last year as the average price went lower and homes took longer to sell, according to a new Toronto Real Estate Board report.

But while sales were down, the number of new listings was up 5.1% from July 2016.

The TREB report, which measured the sales of apartments, townhouses and detached/attached single-family homes, found there were 5,921 home sales in July at an average price of $746,218. New listings reached 14,171. In July 2016, there were 9,929 home sales at an average cost of $710,471. New listings were 13,482.

The July stats are compared to previous months, they show a sharp drop across the board. Home prices dropped 6% from June, while home sales dropped 25.4%. Sellers, on average, took 21 days to sell their properties in July, 40% longer than the previous month.

“Summer market statistics are often not the best indicators of housing market conditions," Toronto Real Estate Board CEO John DiMichele said in a TREB news release. "We generally see an uptick in sales following Labour Day as a greater cross-section of would-be buyers and sellers start to consider listing and/or purchasing a home.

“As we move through the fall, we should start to get a better sense of the impacts of the Fair Housing Plan and higher borrowing costs.”