M/I Homes, Inc. reported its first quarter 2025 results, showing a decrease in pre-tax income to $146.1 million from $180.2 million in Q1 2024. Net income also declined to $111.2 million, or $3.98 per diluted share, compared to $138.1 million, or $4.78 per diluted share, in the prior year. Homes delivered decreased 8% to 1,976 units.
New contracts for the quarter were down 10% to 2,292, and backlog units decreased 16% to 2,847 homes with a sales value of $1.56 billion, down 13% year-over-year. The cancellation rate increased to 10% from 8% in Q1 2024. These declines occurred despite a strong gross margin of 25.9%.
Despite the challenging market, M/I Homes maintained a strong balance sheet, ending the quarter with record net worth of $3 billion and $776 million in cash. The company had zero borrowings under its $650 million unsecured credit facility and a record 226 active communities, with plans to grow average community count by 5% in 2025.
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