LGI Homes Reports November 2020 Home Closings and Updates Full Year 2020 Home Closings Guidance

THE WOODLANDS, Texas, Dec. 03, 2020 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (NASDAQ: LGIH) today announced 960 home closings in November 2020, up from 748 home closings in November 2019, representing year-over-year growth of 28.3%. In addition, the Company ended the first eleven months of 2020 with 7,709 home closings, a 16.1% increase over 6,638 home closings during the first eleven months of 2019.

As of the end of November 2020, the Company had 114 active selling communities.

“We are proud to announce another record breaking month of home closings,” said Eric Lipar, Chief Executive Officer and Chairman of LGI Homes. “This was our best November on record and the second best month of closings overall in our history. Based on this outstanding November performance and our current view of the backlog available to close in December, we are updating our full year closings guidance to reflect our expectation of closing between 8,800 and 9,200 homes in 2020.”

Mr. Lipar concluded, “Clearly, the demand for affordable, entry-level homes has never been stronger and we remain positive about the long-term outlook for home ownership trends in all of our markets.”

The Company’s updated full year 2020 home closing guidance assumes that general economic conditions, including interest rates and mortgage availability, in the remainder of 2020 are similar to those experienced so far in the fourth quarter of 2020. In addition, this guidance assumes that governmental regulations relating to land development, home construction and COVID-19 are similar to those currently in place. Any further COVID-19 governmental restrictions on land development or home construction could negatively impact the Company’s ability to achieve this guidance.

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.