LGI Homes Reports Preliminary September 2020 Home Closings

THE WOODLANDS, Texas, Oct. 05, 2020 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (NASDAQ: LGIH) in advance of investor meetings, today announced preliminary September 2020 home closings.

Pending final verification of funding, the Company expects to close approximately 810 homes in September 2020 compared to 654 home closings in September 2019. The Company plans to release final September 2020 home closing information after market close later today.

Eric Lipar, LGI Homes’ Chairman and Chief Executive Officer, noted, “I am incredibly pleased with our entire organization’s ability to adapt and deliver these exceptional results. This was our best September on record and was also the third best month overall in our Company’s history. These results demonstrate the success we have had accelerating our pace of starts to meet demand and underscore the strength of our efficient, even-flow construction model that enables us to quickly put new homes on the ground.

We continue to see unprecedented demand across our markets driven by historically low interest rates, an undersupply of homes for sale, and a desire among buyers to leave densely populated areas in favor of the space, safety and convenience of a single-family home. We believe our business model, targeted at renters and focused on providing affordable, 100% move-in ready suburban homes, is uniquely well-positioned to meet the needs of these buyers now and for the foreseeable future.”

About LGI Homes, Inc.

Headquartered in The Woodlands, Texas, LGI Homes, Inc. engages in the design, construction and sale of homes in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, Nevada, West Virginia and Virginia. Since 2018, LGI Homes has been ranked as the 10^th largest residential builder in the United States based on units closed. The Company has a notable legacy of more than 17 years of homebuilding operations, over which time it has closed more than 40,000 homes. For more information about the Company and its new home developments, please visit the Company’s website at www.lgihomes.com.