Quarter ended March 31, 2026.
| Closings | 1,914 (↓3%) |
| Revenue | $921M (↓6%) |
| Gross margin | 22.0% |
| Orders | 2,350 (↑3%) |
From the call
“For years, the differential in margin between specs and to-be-builts has been an issue in our industry where anywhere from 100 or 200 basis points of margin erosion occurred between specs and to-be-builts, in some cases, 300, 400, 500 points.”
M/I’s answer is to sell more to-be-built homes and use rate buydowns on them too, not only on specs. Same incentive, higher margin.
Source: M/I Homes 8-K and earnings call.
