LGI Homes Stock Nosedives As Q3 Sales Decline 7.4% With Higher Community Count
Woodlands based LGI Homes posted third quarter results that didn't impress the market. Home closings fell 7.4% in the latest quarter. More concerning is that LGI's sales decline occurred as the community count increased from 77 to 81. As I have detailed for much of the year, publicly-traded home builders are struggling to match the shift in consumer demand toward less expensive homes. As their order growth has stalled with higher mortgage rates, builder stock prices have suffered. LGI's problems are more complex. I suspect that LGI's problems go beyond just average prices. LGI already builds [...]
