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LGI Homes, Inc. (symbol: LGIH) is a premier homebuilder based in The Woodlands, Texas, dedicated to making homeownership dreams come true since 2003. Specializing in the design, construction, and sale of new homes, LGI Homes strategically places its beautiful new homes in amenity-rich communities near major metropolitan areas, offering the perfect blend of location, affordability, and lifestyle.
The company’s mission is to provide both first-time and long-time homebuyers with quality homes at affordable prices. This is achieved through an efficient business model where LGI Homes procures and develops its own land, allowing for significant cost savings that are passed directly to customers. The communities are situated close to urban centers, providing residents with the benefits of city life while enjoying the open space and lower costs of suburban living.
LGI Homes offers a variety of products including entry-level homes, move-up homes, and luxury series homes under the LGI Homes and Terrata Homes brands. Each community features a set number of floor plans with appealing upgrades such as granite countertops, modern appliances, and ceramic tile flooring. The company's operations are divided into seven segments: Central, Midwest, Southeast, Mid-Atlantic, Northwest, West, and Florida, with the majority of revenue generated from the Central division.
Recent achievements include robust balance sheet highlights, significant home sales revenue, increased average sales prices per home closed (ASP), and notable average monthly absorption rates. LGI Homes continues to expand its footprint with a substantial backlog of owned and controlled lots, ensuring a steady pipeline of new homes to meet market demand.
As a publicly traded company, LGI Homes is committed to transparency and providing shareholders with the latest updates on financial performance, community counts, and closing metrics by reportable segment. For more detailed information and the latest news, visit here.
LGI Homes, Inc. (NASDAQ: LGIH) reported 611 home closings in July 2020, down from 672 in July 2019. However, for the first seven months of 2020, home closings rose by 15.8%, totaling 4,451 compared to 3,844 during the same period in 2019. As of July 2020, LGI Homes operated 111 active selling communities, continuing to solidify its position as the 10th largest residential builder in the U.S. The company has a legacy of over 17 years, closing more than 40,000 homes. For further details, visit LGIHomes.com.
LGI Homes, Inc. (NASDAQ: LGIH) reported robust second quarter and six-month financial results for 2020, reflecting strong demand for homeownership amid the COVID-19 pandemic. Net income surged 20.8% to $55.6 million, with home sales revenues rising 4.3% to $481.6 million. Home closings reached 2,005, marking a 3.1% increase. The average home sales price grew by 1.1% to $240,200. For the year, the company anticipates closing between 8,000 to 8,800 homes and expects an increase in average home sales price to between $245,000 and $255,000.
LGI Homes, through its brand Terrata Homes, has launched a new section of luxury homes in Magnolia Reserve, north of The Woodlands, Texas. The homes are on half-acre lots and range from 2,603 to 4,096 square feet, featuring up to four bedrooms and modern upgrades. Prices start from the $380s. This new community is gaining popularity due to its amenities, scenic views, and accessibility to major employers and recreational options. Division President Brian Batten highlighted the demand for these homes, emphasizing their appeal to buyers seeking space and luxury.
LGI Homes (Nasdaq: LGIH) has announced the opening of Skyridge Estates, a new community in the greater Seattle area, featuring 249 single-family homes priced from the $380s. These homes include LGI's CompleteHome™ package, offering modern amenities and spacious designs. The community is conveniently located near local schools and outdoor recreational areas. Ryan Stokes, Division President, emphasized the value and serene environment of Skyridge Estates. The homes range from approximately 1,200 to 2,100 square feet and include various features such as upgraded kitchen appliances and private owner retreats.
LGI Homes (Nasdaq: LGIH) has announced the launch of three new communities in the Dallas-Fort Worth area: Hampton Meadows, Willowwood, and Chisholm Springs. Willowwood will feature 174 homes priced from the $230s, offering four floor plans and new designs, alongside energy-efficient upgrades. Hampton Meadows will include six floor plans, ranging from 1,706 to over 2,700 square feet, starting in the $250s. Chisholm Springs, located in Newark, offers five floor plans starting from the $210s. This expansion aims to meet varying buyer specifications and price points.
LGI Homes has announced the opening of its latest community, Hadleigh at Cedar Creek, located in Youngsville, near Raleigh, NC. This community features one- and two-story homes ranging from 1,317 to 2,201 square feet, with five floor plans available. Priced from the low-$200s, the homes include modern design features and the CompleteHome™ package, which offers energy-efficient appliances and ample storage. The community is conveniently located near shopping and recreational areas, enhancing its appeal to homebuyers.
LGI Homes (NASDAQ: LGIH) reported strong growth in home closings for June 2020, achieving 760 closings, a 16.7% increase from June 2019. The second quarter also saw record quarterly closings of 2,005 homes, up 3.1% year-over-year. For the first half of 2020, total closings reached 3,840, marking a 21.1% increase over the same period last year. Additionally, the company celebrated its 40,000th home closing since 2003. Financial results for Q2 will be announced on August 4, 2020.
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