M/I Homes Q1 Review: The Inflection Point May Have Moved

M/I Homes, Inc. reported Q1 revenues of $921M, down 5.7% y/y, with gross margins declining 400bps to 22%. New contracts rose 3% and cancellation rates improved, but backlog units and average home prices continued to fall. Profitability remains pressured, with Q1 GAAP EPS at $2.55 versus $3.98 last year; backlog sales value dropped to $1.2B.