LGI Homes, Inc., The Woodlands, Tx. (Nasdaq:LGIH) said Thursday it closed 365 homes in March 2017, down marginally from 367 home closings in March 2016. For the first quarter, the company said, closings of 761 were down from 844 home closings during the first quarter of 2016. The company previously warned of the decline, citing strong sales in late 2016 that hampered supply in 2017.
As of the end of March 2017, the Company had 69 active selling communities.
“Although closings for the first quarter are down year over year, sales continue to be strong and demand for home ownership remains solid,” said Eric Lipar, the LGI chairman and CEO. “Assuming that general economic conditions, including interest rates and mortgage availability, in the remainder of 2017 are similar to those in the first quarter of 2017, we believe we are on track to close more than 4,700 homes in 2017.”
