M/I Homes held a 22% gross margin and an 8% cancellation rate, and now uses rate buydowns on to-be-built homes, not just specs.

Dream Finders set a sales record, up 19%, but pre-tax income fell 74% as lower prices, incentives and land costs squeezed margin.

LGI’s backlog rose 63% to its highest since 2022, but 45.6% of buyers cancelled, mostly because they could not get financing.

Hovnanian’s gross margin fell 510 bps to 10.1%, but cycle times dropped 17 days and construction cost per square foot fell 2%.

Beazer posted a small loss as revenue fell 27.5%, but to-be-built sales reached 43%, the highest since 2024.

Green Brick led the industry with a 28.9% gross margin even as incentives rose to 10.1%, and its Trophy brand built in under 90 days in Dallas.

Smith Douglas set an order record, up 28%, with a 57-day build time and 24% more communities.