Company: LGIH
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001580670-25-000043
Chunk: 38

Company: LGI Homes, Inc.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 1
Chunk 38
---
 closed and a decrease 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 Northwest reportable segment decreased by $1.8 million, or 5.1%, during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due to a 9.5% decrease in the average sales price per home closed, partially offset by a 4.8% increase in the number of homes closed. 

•Home sales revenues in our West reportable segment decreased by $6.1 million, or 8.4%, during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due to an 11.2% decrease in the number of homes closed, partially offset by a 3.1% 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 $14.1 million, or 23.0%, during the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, primarily due to a 22.6% decrease in the number of homes closed and a decrease 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 March 31, 2025 was $277.7 million, a decrease of $21.7 million, or 7.3%, from $299.5 million for the three months ended March 31, 2024. This overall decrease was primarily due to an 8.0% decrease in homes closed. Gross margin for the three months ended March 31, 2025 was $73.7 million, a decrease of $17.7 million, or 19.4%, from $91.4 million for the three months ended March 31, 2024. Gross margin as a percentage of home sales revenues was 21.0% for the three months