M/I Homes, Inc. reported a strong financial performance for the fiscal year ending December 31, 2024, achieving record revenues and profitability despite ongoing challenges in the housing market. The company generated total revenue of $4.5 billion, a 12% increase from $4.0 billion in 2023, driven by a 12% rise in homes delivered, totaling 9,055 units. Pre-tax income also saw a significant increase of 21%, reaching $733.6 million, while net income rose to $563.7 million, or $19.71 per diluted share, compared to $465.4 million, or $16.21 per diluted share, in the previous year.
The company’s homebuilding operations, which accounted for 97% of total revenue, reported a gross margin of 24.7%, up from 23.5% in 2023. This improvement was attributed to enhanced construction cycle times and effective management of costs, despite the pressures of elevated mortgage interest rates and inflation. M/I Homes also experienced an 8% increase in new contracts, totaling 8,584, reflecting improved demand amid a limited supply of homes in the market. The average sales price of homes delivered remained stable at $483,000, while the average sales price of homes in backlog increased to $553,000.
Strategically, M/I Homes opened 72 new communities in 2024, bringing the total to 220 active communities, a 7% increase from the previous year. The company plans to continue expanding its community count by approximately 5% in 2025. Additionally, M/I Financial, the company’s financial services segment, reported a 24% increase in revenue to $116.2 million, driven by a rise in loan originations and a slight increase in average loan amounts. The financial services operations accounted for 3% of total revenue, up from 2% in 2023.
The company’s operational metrics indicate a solid foundation for future growth, with a backlog of 2,531 homes valued at $1.4 billion as of December 31, 2024, down from 3,002 homes valued at $1.6 billion a year earlier. M/I Homes ended the year with a strong balance sheet, reporting shareholders' equity of $2.9 billion, a 17% increase from the prior year. The company’s debt-to-capital ratio improved to 19%, reflecting prudent financial management and a focus on maintaining liquidity.
Looking ahead, M/I Homes anticipates some margin compression in 2025 due to current market conditions, including affordability challenges and fluctuating interest rates. The company plans to continue offering sales incentives and mortgage interest rate buydowns to stimulate demand. M/I Homes remains committed to managing its land acquisition and development investments carefully while focusing on customer service and product quality to navigate the evolving housing market effectively.
About M/I HOMES, INC.
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