Company: LGIH
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001580670-25-000076
Chunk: 103

Company: LGI Homes, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 103
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.6Nine Months Ended September 30, 2024RevenuesHome ClosingsASPAverage Community CountAverage Monthly Absorption RateCentral$441,609 1,363 $323,998 43.8 3.5Southeast407,068 1,231 330,681 26.2 5.2Northwest187,253 344 544,340 13.6 2.8West351,880 848 414,953 20.7 4.6Florida257,392 709 363,035 21.8 3.6Total$1,645,202 4,495 $366,007 126.1 4.0

Home sales revenues for the nine months ended September 30, 2025 were $1.2 billion, a decrease of $413.7 million, or 25.1%, from $1.6 billion for the nine months ended September 30, 2024. The decrease in home sales revenues was primarily due to a 24.7% decrease in the number of homes closed and a decrease in the average sales price per home closed during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.  The overall decrease in home closings was a result of a lower absorption rate, partially offset by a higher average community count, during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. The overall increase in average community count relates to timing associated with new community openings, offset by the close out of some communities and transition between certain active communities during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. The average sales price per home closed during the nine months ended September 30, 2025 was $363,929, a decrease of  $2,078, or 0.6%, from the average sales price per home closed of $366,007 for the nine months ended September 30, 2024. The decrease in the average sales price per home closed was primarily due to an increase in wholesale home closings and to a lesser extent geographic mix. The overall decrease in absorption rate generally relates to the impact of ongoing affordability constraints, new community openings, and the overall increase in community count.  

Included within our home sales revenues for the