Company: LGIH
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001580670-25-000058
Chunk: 45

Company: LGI Homes, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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 months ended June 30, 2024, primarily due to an 11.2% increase in the number of homes closed, partially offset by a 0.3% decrease in the average sales price per home closed. The increase in home closings was the result of an increase in the average community count, partially offset by a lower absorption rate.

•Home sales revenues in our Northwest reportable segment decreased by $14.6 million, or 21.5%, during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to a 24.2% decrease in the number of homes closed, partially offset by a 3.6% increase in the average sales price per home closed. The decrease in home closings was the result of a lower absorption rate, partially offset by an increase in the average community count.

•Home sales revenues in our West reportable segment decreased by $27.8 million, or 21.7%, during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to a 25.3% decrease in the number of homes closed, partially offset by a 4.8% increase in the average sales price per home closed. The decrease in home closings was the result of a lower absorption rate, partially offset by an increase in the average community count.

•Home sales revenues in our Florida reportable segment decreased by $30.8 million, or 31.6%, during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, primarily due to a 34.4% decrease in the number of homes closed, partially offset by a 4.3% increase in the average sales price per home closed.  The decrease in home closings was the result of a lower absorption rate, partially offset by an increase in the average community count.

Cost of Sales and Gross Margin (home sales revenues less cost of sales). Cost of sales for the three months ended June 30, 2025 was $372.9 million, a decrease of $78.7 million, or 17.4%, from $451.6 million for the three months ended June 30, 2024.  This overall decrease was primarily due to a 20.1% decrease in homes closed. Gross margin for the three months ended June