everyone. for net income, Good second homes a equity and in increase Phil. a a in joining XX% increase quarter, XX% XX%. highlighted return thank increase setting XX% had We afternoon, of delivered, a in record Thanks, revenue, call. by our And a on you
performance result a a is operations, this of All XX high across level of well from of business. our Title of as all as housing our Mortgage and
year, points from last Despite XX.X%. to strong. points our Our quarter second over improved improved XX very XXX the significant level cost a pressures, margins basis were of first quarter for gross margins sequentially the by quarter basis and by
greater pre-tax XX.X% ago. percentage XX% to year basis XXX most improved significantly importantly, Our year XX.X% our improved points income overhead by And ratio of a reflecting revenues, leverage. a ago operating versus to from expense
contracts more our revenues Our record XXXX, our our achieved reflected impressive an past nearly year annual better X,XXX during are a over delivery income in second our quarter the results homes pre-tax achieved with be And record of earnings operating second is in Demand managed decade. for homes grown intentionally both just trend we communities majority a Since new new are control to we our to year the have than XX%. rate And And XX%. in compounded communities increasing sales XX% quarter ago. limiting record notwithstanding continues in of XX%. continue slightly ago, a sales annual quarter. revenues fewer and year-to-date grown we contracts sold has new growth by of that and margins and We rate of even at our set have second at than better strong good, that times. quarter very
comps we what third XXXX for crisis drop Knowing one our more wanted sales how now, Given need fare time, worst little have that our health to with to year count would in is and I say was the could comparisons when the faced by on it clear color next carefully. our a this particularly quarter, our know worldwide predicted No of XXXX be the in and a a quarter, quarter, year posed community the most sales unusual provide to our difficult the Last least results. economy between of industry. viewed one the pandemic.
slowdown initial which quarter as last the began to - rebound a industry second of as sales in strong extreme whole April of experienced and year, May challenging quick March unusually Our the COVID-related comps due June last sales dramatic more after clearly our and were year. in more a in pace, sales
moved aided The as into all limit the we last got efforts, count. as our raising our meet to by demand. we pace community more May industry greater recall, better, For because sales openings and in year that, of and market On than M/I you new last Homes, Despite June. of Thus, try we expected. and a even sell of work-from-home due continued sold these in homes And sales of our we quarter, in increased occurred within governmental XX% and strength over when in all XXXX. slower first top process, than were XX% to much the last last expected, frankly, communities. year, drop the prices last than grew of of began in the third many stages out of year's of late in quarter part course, third largely of quarter, to faster It communities we COVID-related year's and approval fourth the where protocols. delays to our community was began by sales quarter second our in anticipated inspection
very are positioned our we grow ahead, communities. Looking well to
to all in XXXX, XXXX of new half and open importantly, second of half our number open year of the we new first goals. this growth half. did communities a than of the expect the in We in we to the record communities in more second both half And support expect first of
Finally, just our not quality buyer say or perhaps our demand, and sentiment buyer strong demographics of These housing growth the order demand. indicative seen, in of the is very slowdown considering in let are me best credit that buyers. decline conditions we've
a little, sales we've order limit maximize of margins. pushback of seen evidence We on any in many control if to in our and basis to on price. will go-forward continue manage deliveries today And or communities
of at as empty to product All homes lines our to our family our geared from above well expectations. performed lineup homes, have as diverse townhomes nesters or of single attach
at just under sales continues Speaking line, second about to compared most a to Smart year of quarter very XX% of accounted level. ago. product a our high in XX% represents of our Series for Series, the our which sales affordable Smart total company perform line homes,
of XX% end the the Series price are now our We year Smart selling compared Series a our the ago. The quarter. under compared is first $XXX,XXX of $XXX,XXX communities average to communities, in homes Smart of of roughly Homes just our to XX% at
line average, our several returns. said discussing Smart the we've Smart and repeatedly Series homes, produce time, on communities Series faster margins, better last sales As pace, over thus our better of years when better cycle
billion, the homes of XX% quarter an with the a than quarterly an ago. last at Units X,XXX $X.X was and backlog and is sales in all-time an year. to average price record XX% equal backlog end of record value higher by XX% better than $XXX,XXX. homes, Our increased backlog all-time to This year
a I'd to few on provide Now like our markets. comments
call, Minneapolis, Columbus, XX and experienced from I markets at divisions, the most our performance Cincinnati. from of Tampa, by contributions of our beginning each As the Dallas, we substantial homebuilding with income Orlando, of mentioned strong led
X,XXX southern increased our our in that and over Texas by deliveries Carolina region, in region southern increased Deliveries markets. consists markets, of you region XX% Our last southern reminding Florida four markets three our North to the year two the contributed is Minnesota homes, Indiana, better or a XXX which is markets, which and northern total. the than be of XX% region, ago. deliveries, our Illinois, balance fits Michigan [ph] of roughly The in Ohio, exact year to XX%
by increased the region. contracts and by our our decreased for X% in X% in northern New region quarter southern
and markets northern in Our with the position north, by year, region. owned our lot and XX% south. our the XX% XX%, owned comprise southern our to balance in a the controlled in by and in increased controlled the region six that compared roughly nine XX% representing increased of last are lots markets
that, two we XX,XXX position. We nearly control lots. year own contracts, lots, approximately top a of the On have is and wide, roughly XX,XXX a supply. we very strong which land Company additional option
XX% slightly total, those M/I Perhaps gives five individual under controlled contract, near supply are in XX,XXX is are year lots to or in option just which of and significant So a lots, important, most to owned our slightly lots more which controlled XX,XXX flexibility conditions. are react changes Homes than market demand below an
few comments. to the make just a turn Phil, closing Before I'll I call over
We healthy allocate debt-to-cap financial with our share $X.X a continued balance substantial $XXX cash also capital resulted ended our and allows our land make $XXX XX%. ratio revolving to over position company. at our while strong and This $XX and book replenishing to million our and generation growth slightly for of borrowings We repurchases, very net investments equity very us a condition in is facility. First, and the a cash quarter to second low significant believe leverage credit zero a continuing of of under the of value unsecured billion a June million one XXth, with share.
reflects Board creating As leverage. as result, a long Directors has share ongoing existing we our authorization $XX roughly $XX term our a commitment authorization low availability. announced of in approved of repurchase new the our maintaining always business to shareholder strength stated $XXX million million that million The repurchase our today, repurchase value, $XXX remaining which while our expectation replaces debt press release, million our and had share share of in This authorization.
excellent in in is company Finally, shape. in closing, our is excellent -
position, planned new as we our strength of openings, the as have the a backlog, prospects with Phill? strong strength land are Given to poised outstanding for an well excited of our equally XXXX. XXXX. our are about And our we community
