mi homes inc reported thirdquarter profit and revenue that rose to record levels as a 13 increase in average sales prices helped offset a “significant decline” in home buyer demand the builder of singlefamily homes mho  with a 13 billion market capitalization said before wednesday’s open that revenue increased 124 to 9928 million a record for the quarter even as homes delivered declined 09 to 2026 that’s because the average price of homes sold at closing jumped 132 to 487000 new contracts for the quarter sank 313 to 1349 homes “reflecting the significant decline in home buyer demand that began earlier this year due to the well documented impact of higher mortgage interest rates” chief executive robert schottenstein said the columbus ohiobased home builder’s earnings report comes as data was released wednesday showing us new home sales fell 109 in september and mortgage applications declined 17 this week as higher rates continued to hurt demand don’t miss the number of homes on the market is rising which is unusual for this time of the year why that’s bad news also read residential housing demand ‘cratered’ as mortgage rates spiked analyst says still mi homes stock jumped 46 toward a near twomonth high on top of the company’s strong revenue performance the company reported net income that rose to a record 1316 million or 467 a share from 910 million or 303 a share in the same period a year ago looking ahead the company said it couldn’t tell when the current downtrend in demand would change “there is much uncertainty concerning the general economy and it is unclear when demand for new homes will improve” schottenstein said that said schottenstein said he believes that over the long term the housing markets will benefit from “strong fundamentals including favorable demographic trends and an undersupply of housing” mi homes’ stock has tumbled 286 year to date while the ishares us home construction exchangetraded fund itb has plunged 324 and the sp 500 index spx has shed 186