LGIH - LGI Homes reports record-breaking September home closing

LGI Homes (LGIH) announced September home closing of 811, up 24% Y/Y.In Q3 record-breaking home closings of 2,091 up from 2,003.YTD home closings of 5,931, up 14.6% Y/Y. As of the end of September 2020, the Company had 110 active selling communities.NAHB Chief Economist Robert Dietz: "The suburban shift for home building is keeping builders busy, supported on the demand side by low interest rates."Mortgage rates have stayed under three percent since July, resulting in a strong, upward trajectory during a very uncertain time. 30-year fixed-rated mortgage averages 2.88% for the week ending Oct. 1, 2020, down from 2.90% in the prior week and vs. 3.65% at this time a year ago, according to the Freddie Mac Primary Mortgage Market Survey.LGIH has generated much higher return compared to sector ETF.The Company expects to release Q3 before the market opens on Tuesday, November 3, 2020.Source: Press Release

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LGI Homes reports record-breaking September home closing