and afternoon, delivered, record joining M/I backlog. record homes record Good outstanding us revenue, Homes, and highlighted Phil. record for an was thank income year-end year Thanks, XXXX by today. for you
extraordinary housing We a clear macro is documented. markets. our They the are housing results. well of our U.S. conditions M/I forth put are markets as well across proud as strong of very all of by reflection of the entire effort team our Homes The strength
near at mortgage lows. on Although remain rise, or historical been rates have recently they the
In homeownership. and or addition, more millennials historical levels inventory are moving into at are near More lows.
been demand. in approaching continue and see ever quality and towards time good suggests The terms And a mortgage areas, buyer of driving further buyers participation away of from to as down homes buyers it's ever our payment. the Freddie more past of recent near XX% in as first creditworthiness densely year, populated we is shift increasing single-family by a reached preference data homeownership. Mac millennial the a during fueled in fact, In XX-year high, that securing percentage
for that industry unprecedented inflationary the today. of construction of throughout Taken ever of when new It and homes the nearly together, we part time, deal seen. At factors strongest business, our all continues the have supply with XXXX to way same the and created chain demand we've our and is that quality these continue all of highest and challenges our pressures that into components materials in homes. dealing with all go was and
been they times. have So we able delivery a challenges, on had noticeable far, these have impact and navigate although our cycle to
dealing just Homes M/I very in in and performance we XXXX, Against we exceptionally with are is and to challenges. strong this So another positioned and well demand, year very as healthy buyers of as deliver robust we we XXXX, did construction begin housing qualified backdrop XXXX. well supply persistent believe
XX%. we at to of Looking contributed XXXX. income back pre-tax XX% equity revenues record Record closings achieved homes, XXXX. than XX% record return of better XXXX, approaching moment of on These million, strong XXXX for and $X.X than than better a results billion, a XX% X,XXX better $XXX
expense or year. our by XX.X% improvement for to a were XXX margins point last year, the and gross XX.X% ratio Our overhead basis over points basis XXX improved
mortgage from achieved our performance and also operations. We title record
X% during that improving by XXXX. X,XXX we All points We the in from income homes in our of record full-year this sold pre-tax XX.X%. a homes sold the year, resulted margin X,XXX to XXX of basis decline
with times basis compares accomplished half XX% best sold quarter XXXX. decade, in during X.X roughly decline throughout communities quarter, sales and of highest per deliveries. limiting of more at manage sales homes, fourth monthly this the XXXX. the X,XXX over our XXXX record monthly a sales costs were construction of to communities the an we past for we order pace the in during and Our pace community we XX% pace the in of We to achieved X.X from any sales on sold fourth sale a a year, during year homes In sales average less per averaged or year community, monthly and our the that
of slightly in Smart Smart terms Series overall end fourth but XX% the most which the just than than sales Series, is continues were product, Series In our company-wide, of more ago. compares total sales, to a our offered At This to of homes quarter not communities on comprised Smart XX% very fourth more positive sales, of the year our affordably have a XXXX, our XX% sales our of our priced in quarter. impact and also company-wide number performance.
Series record. we XX% year-end overall continue better and time that and were $X.X produce X,XXX is to XX% better which of to by backlog an price our with company, with to better Smart level generally Series our end greater our sales line Company-wide, sales sales an within the average average increasing our bottom Smart a note pace, XX% XXXX to margins, on cycle up at and value billion, $XXX,XXX. important grow increased it's As time Units the returns. gross and homes backlog backlog of all communities record
in XX% for XXX and pre-tax We record ended down million. year mortgage revenue record end income XXXX. also As was a year of communities. operations the title from mentioned active originated with the $XX.X of recorded number performance of This I XXXX earlier, loans the record and our strong with
area And growing earlier our open a XXX to the we count community record expect than communities out in of number by regard, of company-wide. During to count XXXX end communities quarterly shared the XXXX, XX% in increasing than that sold by this communities and a calls, we our new faster year in is of Clearly, anticipated. focus. community we more major our
year $X.X facility. an with the is improved of a ended value condition equates revolving year a in December of resulted strongest XX% equity per debt-to-capital This of compared million our borrowings share. to ratio balance of zero under cash $XXX financial a XX% million in all to ever and the which $XXX ago. unsecured with it's Our $XX XX, at been billion We book nearly credit
just like I'd substantial performance by Dallas with on our experienced from Minneapolis, Columbus. contributions few XXXX Board a comments Orlando, our markets. Tampa, strong across Now led and provide income divisions the We in to
For new contracts Southern X% the in X% our decreased year, in our region. Northern region and
our For the region the Southern Northern deliveries, X% XX% year, region. homes in in the increased delivered and
to lot the last Our XXXX. Northern region region position owned in and and X% to increased year in XX% increased by controlled compared compared the Southern
communities number lots. We the lots have top a very total, region of the region. option premier of XX% of and owned the to roughly locations. and Company-wide, we control we the This owned in the XX,XXX a lots, this in being strong highlighted with by balance supply XX% lots. additional approximately lots. a the On three-year owned contract XX,XXX Northern are Southern outstanding of position, Of land equates own
in XXXX. approximately individual flexibility this or which So up end equates importantly, the fourth earlier about important we it communities the At same and our as in in changes communities own XX% to we market Northern of and about lots, in XX gives and year supply. total, had quarter, react XX% year under a XX,XXX which demand was of a Most ago, from us at control of the single-family five-year lots was the to and option contracts, XX the to XXX region, significant Southern controlled from end region, a down the conditions. are
Before Phil closing few I turn to just comments. let over it me financial results, more for make a
financially in best in we've is the both been company shape and ever Our otherwise.
growing in forward We robust with well strong we have believe being year XXXX noticeable all an and our Homes a open operating Though excellent backlog, XXXX to communities. continued sheet, housing later demand and opening supply performance. very to year. construction the number year, to new of of throughout balance positioned up challenges persist business and in look our markets momentum the solid Nashville a about excited Phil? record very are chain plans to begin M/I of is likely this and are We continue
