LGI Homes, Inc. (Nasdaq:LGIH), The Woodlands, Texas, late Wednesday reported in advance of its earnings report that 478 homes were closed in September 2018, compared to 542 home closings in September 2017.
In addition, the company announced quarterly home closings of 1,601 for the third quarter of 2018 compared to 1,729 home closings in the third quarter of 2017. The company finished the first nine months of 2018 with 4,660 home closings, a 16.5% increase over 4,001 home closings during the first nine months of 2017.As of the end of September 2018, the LGI had 81 active selling communities.
“Although closings for the third quarter are down year-over-year, our outlook remains positive and demand for homeownership remains solid,” said Eric Lipar, the LGI CEO and chairman. “Assuming that general economic conditions, including interest rates and mortgage availability, in the remainder of 2018 are similar to those in the third quarter of 2018, we believe we are on track to close between 6,400 and 7,000 homes in 2018.”
LGI expects to release financial results for the third quarter ended September 30 before the market opens on Tuesday, November 6.
