SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q


(Mark One)

|X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934

                  For the quarterly period ended June 30, 1997

                                       OR

|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934

                        For the transition period from to

                         Commission File Number 0-13800

                       INTERNATIONAL AMERICAN HOMES, INC.
             (Exact name of registrant as specified in its charter)


                  Delaware                                22-2472608
(State or other jurisdiction of                         (I.R.S. Employer
incorporation or organization)                       Identification Number)

               9950 Princess Palm Ave., Suite 112, Tampa, Fl 33619
               (Address of principal executive offices) (Zip Code)

       Registrant's telephone number, including area code: (813) 664-1100

                                 Not Applicable
              Former name, former address and former fiscal year,
                          if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes  X   No
                                       ---  --- 

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                  PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13, or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes X No --- ---

As of July 31, 1997, the number of shares outstanding of the registrant's common
stock, par value $.01, was 2,784,395.

================================================================================
                           Total number of pages: 15

                                     PAGE 1
<PAGE>





                       INTERNATIONAL AMERICAN HOMES, INC.

                                AND SUBSIDIARIES

                                      Index

<TABLE>
<CAPTION>
                                                                                                           Page
                                                                                                           ----
Part I.   Financial Information:

         Item 1.   Financial Statements
<S>                                                                                                          <C> 
                   Consolidated Balance Sheets (Unaudited) as of June 30, 1997 and March 31, 
                   1997 ....................................................................................   3     

                   Consolidated  Statements of Income and Retained  Earnings (Unaudited)  for the three
                   months ended June 30,1997 and 1996 ......................................................   5

                   Consolidated  Statements of Cash Flows (Unaudited) for the three months ended June 30,
                   1997 and 1996 ...........................................................................   6

                   Notes to Consolidated Financial Statements (Unaudited)...................................   7

         Item 2.   Management's  Discussion  and Analysis of Financial  Condition and
                   Results of Operations ...................................................................  10

         Item 3.   Quantitative and Qualitative Disclosures About Market Risk ..............................  13


Part II.  Other Information:


         Item 6.   Exhibits and Reports on Form 8-K ......................................................... 14

Signatures .................................................................................................. 15

</TABLE>


                                     PAGE 2

<PAGE>



Part I.  Financial Information


                                     ITEM 1

                              FINANCIAL STATEMENTS



                       INTERNATIONAL AMERICAN HOMES, INC.
                                AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                             (Dollars in thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>

                                     ASSETS

                                                                June 30, 1997        March 31, 1997
                                                            -------------------    ------------------
<S>                                                                   <C>                    <C>      
CASH AND  CASH EQUIVALENTS                                            $   666                $ 2,187  
    ($599 and $574 restricted)                                                   
RECEIVABLES                                                             2,044                    949
REAL ESTATE INVENTORY                                                  22,859                 22,654
COLLATERAL FOR BONDS PAYABLE                                            4,817                  4,972
PROPERTY AND EQUIPMENT - less accumulated depreciation of                        
  $388 and $348                                                           114                    149
                                                                                 
OTHER ASSETS                                                              806                    846
                                                            --------------------   ------------------
                                                                                 
         TOTAL ASSETS                                                 $31,306                $31,757
                                                            ====================   ==================
                                                                    
</TABLE>














       The accompanying notes to consolidated financial statements are an
                       integral part of these statements.

                                     PAGE 3
<PAGE>


                       INTERNATIONAL AMERICAN HOMES, INC.
                                AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                             (Dollars in thousands)
                                   (Unaudited)


                      LIABILITIES AND STOCKHOLDERS' EQUITY

<TABLE>
<CAPTION>
                                                                              June 30, 1997               March 31, 1997
                                                                          -----------------------       -------------------


LIABILITIES
<S>                                                                                      <C>                      <C>     
ACQUISITION AND CONSTRUCTION  LOANS PAYABLE                                              $13,098                  $ 13,967
BONDS PAYABLE                                                                              4,647                     4,800
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES                                                   5,934                     5,530
CUSTOMER DEPOSITS                                                                            350                       326
                                                                          -----------------------       -------------------

    Total Liabilities                                                                     24,029                    24,623
                                                                          -----------------------       -------------------

STOCKHOLDERS'  EQUITY
PREFERRED STOCK - $.01 par value, 4,000,000 shares authorized,                                --                        --
    none issued or outstanding
COMMON STOCK - $.01 par value, 10,000,000 shares authorized,                                  29                        29
    2,954,343 shares issued,  2,784,395 shares outstanding
ADDITIONAL PAID-IN CAPITAL                                                                 2,378                     2,378
RETAINED EARNINGS                                                                          4,872                     4,729
TREASURY STOCK - 169,948 shares                                                              (2)                       (2)
                                                                          -----------------------       -------------------
    Total Stockholders' Equity                                                             7,277                     7,134
                                                                          =======================       ===================

                                                                                        $ 31,306                  $ 31,757
   TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 
                                                                          =======================       ===================


</TABLE>







       The accompanying notes to consolidated financial statements are an
                       integral part of these statements.


                                     PAGE 4
<PAGE>


                       INTERNATIONAL AMERICAN HOMES, INC.
                                AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF INCOME AND RETAINED
                   EARNINGS (Dollars in thousands, except per
                                 share amounts)
                                   (Unaudited)

<TABLE>
<CAPTION>
 
                                                                Three Months Ended June 30,
                                                          ---------------- ----- -------------------
                                                               1997                     1996
                                                          ----------------       -------------------

REVENUES
<S>                                                              <C>                       <C>     
    Home sales                                                   $ 16,198                  $ 13,907
    Interest and other income                                         148                       161
                                                          ----------------       -------------------
                                                                   16,346                    14,068
                                                          ----------------       -------------------
COSTS AND EXPENSES
    Cost of home sales                                             14,196                    11,992
    Selling, general and administrative                             1,723                     1,642
    Interest                                                          140                       144
    Depreciation                                                       38                        23
                                                          ----------------       -------------------
                                                                   16,097                    13,801
                                                          ----------------       -------------------
INCOME BEFORE INCOME TAXES                                            249                       267
PROVISION FOR INCOME TAXES                                            106                        80
                                                          ----------------       -------------------
NET INCOME                                                            143                       187
RETAINED EARNINGS, BEGINNING OF PERIOD                              4,729                     4,079
                                                          ----------------       -------------------
RETAINED EARNINGS, END OF PERIOD                                   $4,872                  $  4,266
                                                          ================       ===================

PER SHARE DATA (Primary and Fully Diluted)
    Net income                                                      $ .05                    $  .07
                                                          ================       ===================
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
    Primary and fully diluted                                   2,784,395                 2,734,395

                                                          ================       ===================


</TABLE>












       The accompanying notes to consolidated financial statements are an
                       integral part of these statements.

                                     PAGE 5

<PAGE>


                       INTERNATIONAL AMERICAN HOMES, INC.
                                AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (Dollars in thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                                Three Months Ended June 30,
                                                                                          ----------------- ----- -----------------
                                                                                                1997                    1996
                                                                                          -----------------       -----------------
 CASH FLOWS USED IN OPERATING ACTIVITIES:
<S>                                                                                                  <C>                    <C>  
     Net income                                                                                      $143                   $ 187
     Adjustments to reconcile net income to net cash provided by operating activities:
         Depreciation                                                                                  38                      23
     Changes in operating assets and liabilities
         Increase in restricted cash                                                                  (25)                    (85)
         Increase in receivables                                                                   (1,095)                   (244)
         Increase in real estate inventory                                                           (205)                 (1,147)
         Decrease in collateral for bonds payable                                                     155                     245
         Increase in accounts payable and accrued liabilities                                         404                      48
         Increase in customer deposits                                                                 24                      83
         Decrease (Increase) in other assets                                                           40                     (83)
                                                                                          -----------------       -----------------
 Net cash  used in operating activities                                                              (521)                   (973)
                                                                                          -----------------       -----------------

 CASH FLOWS USED IN INVESTING ACTIVITIES:
     Property and equipment, net                                                                       (3)                     (9)
                                                                                          -----------------       -----------------

 CASH FLOWS USED IN FINANCING ACTIVITIES:
     Proceeds from mortgage notes and loans payable                                                 8,485                   8,175
     Payments of mortgage notes and loans payable                                                  (9,354)                 (8,148)
     Repayments of bonds payable - finance subsidiaries                                              (153)                   (236)
     Proceeds from stock options exercised                                                              -                       6
                                                                                          -----------------       -----------------
 Net cash  used in financing activities                                                            (1,022)                   (203)
                                                                                          -----------------       -----------------

 NET DECREASE IN CASH AND CASH EQUIVALENTS                                                         (1,546)                 (1,185)
 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                                   1,613                   1,214
                                                                                          =================       =================
 CASH AND CASH EQUIVALENTS AT END OF PERIOD                                                        $   67                   $  29
                                                                                          =================       =================
 SUPPLEMENTAL DISCLOSURES OF  CASH FLOW INFORMATION:
     Cash paid during the year for:
         Interest                                                                                   $ 494                   $ 487
                                                                                          =================       =================
         Income taxes                                                                               $ 138                   $  45
                                                                                                                   
                                                                                          =================       =================
</TABLE>


       The accompanying notes to consolidated financial statements are an
                       integral part of these statements.

                                     PAGE 6

<PAGE>


                       INTERNATIONAL AMERICAN HOMES, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED


NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION

International American Homes, Inc. (the "Company") was incorporated under the
laws of the State of Delaware on April 27, 1983. The Company, through its
subsidiaries, designs, builds, and sells single-family homes and townhomes and
develops building lots. The Company currently conducts its building activities
in Metropolitan Washington, D.C. and Florida.

The interim consolidated financial statements have been prepared without audit
and pursuant to the rules and regulations of the Securities and Exchange
Commission. In the opinion of management, all adjustments for interim periods
presented have been made (which include only normal recurring accruals and
deferrals) for a fair presentation of consolidated financial position, results
of operations, and cash flows. The consolidated financial statements and
condensed notes should be read in conjunction with the Consolidated Financial
Statements and Notes thereto included in the Company's latest Annual Report on
Form 10-K. Results for interim periods are not necessarily indicative of the
results which might be expected for a full year.

On April 16, 1990, the Company and certain of its wholly-owned subsidiaries
filed voluntary petitions for relief under Chapter 11, Title 11 of the United
States Bankruptcy Code in the United States Bankruptcy Court for the District of
New Jersey (the "Bankruptcy Court"). On August 12, 1992, the Bankruptcy Court
entered an order confirming the Company's Plan of Reorganization (the "Plan" or
"Plan of Reorganization").


NOTE 2 - CASH AND CASH EQUIVALENTS

For purposes of the statements of cash flows, the Company generally considers
all highly liquid instruments purchased with an original maturity of three
months or less to be cash equivalents.


NOTE 3 - REAL ESTATE INVENTORY
<TABLE>
<CAPTION>

Real estate inventory consists of the following ( in thousands):
                                                                                  June 30, 1997               March 31, 1997
                                                                       -------------------------     ------------------------

<S>                                                                                     <C>                          <C>    
Accumulated costs of construction completed and in progress                             $10,861                      $11,096
Land and land development costs                                                          11,381                       10,822
Land options and deposits                                                                   617                          736
                                                                       =========================     ========================
                                                                                        $22,859                      $22,654
                                                                       =========================     ========================

</TABLE>

From time to time as part of the normal operations of the business, the
subsidiaries of the Company have bought lots or land which the other subsidiary
of the Company was obligated to buy from a third party seller or which the other
subsidiary of the Company owned. Such transactions were at prices approximating
fair market value and were not material.

                                     PAGE 7


<PAGE>


NOTE 4 - CONDENSED FINANCIAL STATEMENTS OF CONSOLIDATED FINANCE SUBSIDIARIES

The Company's wholly-owned finance subsidiaries were established to sell
collateralized mortgage obligations through participation in various
multi-builder bond programs. In these sales, which last occurred in 1987, the
Company originated and pooled mortgage loans which were then pledged as
collateral for bonds payable. The interest rates on the mortgage loans that
comprise the collateral for bonds payable roughly equate with the interest rates
on the related bonds payable.

Condensed financial information is as follows (in thousands):

                            Condensed Balance Sheets
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                    June 30, 1997                       March 31, 1997
                                              --------------------------          ----------------------------
Assets:
<S>                                                             <C>                                   <C>    
    Collateral for bonds payable                                $ 4,817                               $ 4,972
    Other assets                                                      3                                    13
                                              --------------------------          ----------------------------
                                                                $ 4,820                               $ 4,985
                                              ==========================          ============================
Liabilities and Equity:
    Bonds payable                                               $ 4,647                               $ 4,800
    Equity and intercompany advances                                173                                   185
                                              --------------------------          ----------------------------
                                                                $ 4,820                               $ 4,985
                                              ==========================          ============================

</TABLE>

                       Condensed Statements of Operations
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                 Three Months Ended June 30,
                                              ----------------------------------------------------------------
                                                         1997                               1996
                                              ---------------------------       ------------------------------

<S>                                                                <C>                                  <C>  
Revenues - Interest and other income                               $ 113                                $ 137
                                              ===========================       ==============================

Income before income taxes                                           $ 3                                $   5
                                              ===========================       ==============================


</TABLE>

                                     PAGE 8
<PAGE>


NOTE 5 - COMMITMENTS AND CONTINGENCIES

At June 30, 1997, the Company had commitments to purchase 785 finished building
lots at a total purchase price of approximately $28,174,000 over a four-year
period. Substantial deposits will be forfeited if the Company is unable to
satisfy these commitments. See Management Discussion and Analysis of Financial
Condition and Results of Operations- Liquidity and Capital Resources.

The Plan of Reorganization provides for distributions to creditors equal to 50
percent of future cash flows (as defined in the Plan), if any, for the periods
ending June 30, 1993 through June 30, 1998. The Company has calculated the cash
flow (as defined in the Plan) for the period ended June 30, 1997 and has
determined that there was no excess cash flow (as defined in the Plan) for that
period and accordingly no distribution to creditors was required. During the
year ended March 31, 1993, the Company estimated the initial liability for these
potential distributions in the amount of $1,322,000 and such amount is included
in Accounts Payable and Accrued Liabilities on the accompanying consolidated
balance sheets.

The Company is involved from time to time in litigation arising in the ordinary
course of business, none of which is expected to have a material adverse effect
on the Company's financial position or the results of operations.














                                     PAGE 9

<PAGE>



                                     ITEM 2

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS

International American Homes' Management's Discussion and Analysis of Financial
Condition and Results of Operations contains statements that may be considered
forward looking. These statements contain a number of risks and uncertainties as
discussed herein and in the Company's reports filed with the Securities and
Exchange Commission that could cause actual results to differ materially.

LIQUIDITY AND CAPITAL RESOURCES

The Company, through its subsidiaries, obtains financing from commercial banks
for a portion of the cost of acquiring finished building lots and for most of
the costs of the construction of homes. This financing is generally available
for homes that are subject to a contract of sale and also for a limited number
of homes in advance of sale. The Company's loan commitments as well as current
banking regulations limit the portion of each home that can be financed to
approximately 75% of its value. Since the Company uses its own capital resources
to fund those costs that cannot be financed, the Company's future growth will be
limited by the amount of such resources. As a result of the use of these
financing arrangements, the Company is currently, and expects to continue to be,
highly leveraged.

The Company's subsidiaries currently have financing agreements in the aggregate
amount of $35,050,000 with commercial banks located in the areas in which the
subsidiaries operate. The terms of these financing agreements vary, are each for
one year or more from their date of origination (with expiration dates ranging
from November, 1997 to October, 1998), are generally guaranteed by the Company,
and are all secured by the related real estate inventory. The Company's Chairman
and President has agreed to personally guarantee certain of these obligations up
to an aggregate maximum amount of $13,100,000. At June 30, 1997, the outstanding
principal amount of loans guaranteed by the Company's Chairman and President was
$3,509,000.

The Company generally acquires finished building lots under contracts which
spread the time for acquisition of such lots over a period of time that roughly
coincides with the estimated time required for the sale of the homes on those
lots. At June 30, 1997, the Company had commitments to purchase 785 finished
building lots at a total purchase price of approximately $28,174,000 over a
four-year period. These commitments assure a continuing supply of finished
building lots in the future. In conjunction therewith $617,000 of land options
and deposits have been paid. A substantial portion of those deposits will be
forfeited if the Company is unable to satisfy these commitments.

During the year ended March 31, 1996, the Company purchased a parcel of land in
Greater Tampa, Florida containing approximately 360 developed and undeveloped
lots. At June 30, 1997, the Company had substantially developed 109 of those
undeveloped lots into finished building lots. The Company obtained financing
from a commercial bank to fund a portion of the cost of acquiring and developing
the land.

The Company's short-term liquidity and its ability to operate over the short
term are reasonably assured by the financing agreements in place, by the
Company's backlog of sales contracts, and by the commitments to acquire finished
building lots. The Company's long-term liquidity is not affected by any material
capital expenditures but would be impacted by the inability to renew certain of
the financing agreements when they mature. The strength of the housing markets
in the areas where the Company operates and the ability of the Company to
maintain a continued supply of finished building lots will also affect the
Company's long-term liquidity. Management believes that the Company currently
has adequate financing and liquidity to meet its financial obligations and will
be able to fund the acquisition and construction of inventory. However, there is
no assurance that such financing

                                    PAGE 10

<PAGE>




will be available to the Company in the future. In addition, homebuilding is a
cyclical industry with economic conditions having a substantial impact on
operating performance.

The housing market in Metropolitan Washington, DC continues to be very
competitive and the rate of absorption per community remains relatively low. An
overall reduction in gross margins and increased selling expenses continue to
create a substantial operating loss in the Metropolitan Washington, DC
subsidiary even though previously announced management changes resulted in a
reduction in general and administrative expenses. The company is re-evaluating
its operations in each of the communities in which it currently offers homes for
sale to assess the impact of the reduced volume levels. Although no decisions
have been made at this time, unless the rate of new home sales improves, the
Company may elect to suspend and or terminate operations in one or more
communities. Factors such as existing inventory of lots and homes, the number of
contingent and non-contingent contracts, financing commitments, the amount of
the lot takedown security deposit and other continuing obligations are all being
considered. The Company is unable to predict the outcome of such review;
however, the economic consequences of a decision to withdraw from a given
community may be substantial. Management believes that the Company has
sufficient net worth to absorb such charges, if any, at this time.

The Plan does not permit the subsidiaries of the Company to pay any dividends to
the parent company. The Plan further prohibits the Company and its subsidiaries
from acquiring debt securities from or loaning or advancing any money to any
other party except in the ordinary course of business. These restrictions are
effective until August 12, 1998 and by their nature require the Company's
subsidiaries to be self-sufficient. From time to time, a subsidiary of the
Company makes a purchase of land or finished building lots from or on behalf of
another subsidiary and later resells that land or finished building lots to the
latter on terms that will assure that the accommodation purchaser recovers its
costs. While such transactions can affect temporarily the cash flow of each of
the participating subsidiaries, they do not impact the overall cash flow of the
Company. The Plan further provides for the payment of distributions to the
creditors equal to 50 percent of cash flows (as defined in the Plan), if any,
generated by the Company's subsidiaries for the periods ending June 30, 1993
through June 30, 1998. Any such payment of 50 percent of the cash flow would be
funded from the cash flow generated. Despite these requirements and
restrictions, management believes that the Company and each of its subsidiaries
currently have adequate liquidity to meet their financial obligations. However,
there is no assurance that these requirements and restrictions will not have an
impact on the future liquidity of the Company or its subsidiaries.


                                    PAGE 11
<PAGE>


RESULTS OF OPERATIONS

Three months ended June 30, 1997 compared to three months ended June 30, 1996

The following table sets forth certain information with respect to homes
delivered and homes sold during the periods presented, as well as homes sold
under contract but not delivered ("Backlog") at the dates shown (dollars in
thousands).
<TABLE>
<CAPTION>

                                                    Three Months Ended June
                                                                30,
                                                   ------------------------------
                                                       1997              1996
                                                   -------------      -----------
    Homes delivered
<S>                                                         <C>               <C>
        Units                                               106               98
        Home sales revenue                              $16,198          $13,907
        Average sales price                              $152.8           $141.9
    Homes sold
        Units                                               116              127
        Sales value                                     $18,092          $19,453
        Average sales price                              $156.0           $153.2

<CAPTION>
                                                              June 30,
                                                   ------------------------------
                                                       1997              1996
                                                   -------------      -----------
    Backlog
<S>                                                         <C>              <C>
        Units                                               161              171
        Sales Value                                     $27,857          $30,684
        Average sales price                              $173.0           $179.4

</TABLE>

The increase in home sales revenue for the three months ended June 30, 1997
compared to the three months ended June 30, 1996 results from an increase in the
number of homes delivered and an increase in the average sales price. The
increase in the average sales price of homes delivered for the three months
ended June 30, 1997 is primarily attributable to higher average sales prices.

Although the number of homes sold during the three months ended June 30, 1997
decreased, the average sales price of the homes sold during the period increased
when compared to the prior comparable period. The decrease in the number of
homes sold is due to a lower number of homes sold in Metropolitan Washington,
D.C.. The increase in the average sales price is due to higher average sales
prices in both locations.

The backlog at June 30, 1997 and 1996 includes $4,607,000 and $7,590,000 of
contingent contracts.

                                    PAGE 12


<PAGE>



The following table sets forth, for the periods indicated, certain information
regarding the Company's operations (dollars in thousands).
<TABLE>
<CAPTION>

                                                                           Three Months Ended June 30,
                                                       --------------------------------------------------------------------
                                                                   1997                                 1996
                                                       ------------------------------      --------------------------------
                                                         Dollars              %               Dollars               %
                                                       ------------       -----------      --------------       -----------
<S>                                                        <C>                 <C>               <C>                 <C>  
Home sales revenues                                        $16,198             100.0             $13,907             100.0
Cost of home sales                                          14,196              87.6              11,992              86.2
Gross profit                                                 2,002              12.4               1,915              13.8
Selling, general and administrative expenses                 1,723              10.6               1,642              11.8
Income before income taxes                                     249               1.5                 267               1.9
</TABLE>

Gross profit increased for the three months ended June 30, 1997 compared to the
three months ended June 30, 1996, and gross profit as a percentage of home sales
revenue decreased. The increase in gross profit is due to the increase in home
sales revenue substantially offset by the decrease in the gross profit
percentage.

Selling, general and administrative expenses for the three months ended June 30,
1997 increased when compared with the prior comparable period but decreased as a
percentage of the related home sales revenue. The increase in selling, general
and administrative expenses is due to the increase in home sales revenues and
higher total selling and marketing expenses. The percentage decrease in selling,
general and administrative expenses is due to both a reduction in general and
administrative expenses and those expenses being absorbed over a larger number
of units delivered, partially offset by the higher per unit selling and
marketing expenses.

The change in pre-tax profit for the three months ended June 30, 1997 compared
to the three months ended June 30, 1996 reflects the changes in gross profit and
in selling, general and administrative expenses described above.

The effective tax rate for the three months ended June 30, 1997 compared to the
three months ended June 30, 1996 is higher due to the utilization of net
operating loss carryforwards in the prior period.

Interest and other income includes $113,000 and $137,000 and interest expense
includes $110,000 and $132,000 for the three months June 30, 1997 and June 30,
1996, respectively, from wholly-owned finance subsidiaries established in prior
years to sell collateralized mortgage obligations through participation in
various multi-builder bond programs.




ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

             None


                                    PAGE 13

<PAGE>


                                     ITEM 6

                        EXHIBITS AND REPORTS ON FORM 8-K

        (a)  Exhibits

             None

         (b)  Reports on Form 8-K

             None

                                    PAGE 14

<PAGE>


                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.




                                   INTERNATIONAL AMERICAN HOMES, INC.




Date:    August 12, 1997           By:      /s/ Robert J. Suarez
                                            --------------------
                                            Robert J. Suarez 
                                            President


Date:    August 12, 1997           By:      /s/ Robert I. Antle
                                            -------------------- 
                                             Robert I. Antle
                                             Executive Vice President,
                                             Treasurer, and Chief Financial
                                             Officer