M/I Homes closed 478 homes in 2008's second quarter, a 36 percent drop compared to the same time last year, according to figures released today by the Columbus, Ohio-based public builder. Sales dropped as well, falling to 530 in the quarter for a 23 percent year-over-year decline in new contracts. But the company also reported a positive trend: a seven percentage-point reduction in the cancellation rate, bringing that metric to 22 percent for the quarter.

M/I, which will release its full quarterly financials July 31, also reported that it had a backlog of 880 homes with an estimated sales value of $254 million, which is 54 percent lower than last year's backlog at this time in terms of revenue and 48 percent lower in terms of units.

Alison Rice is senior editor, online for BUILDER magazine.

Learn more about markets featured in this article: Columbus, OH.