0.30% -0.2304

LGI Homes Inc (LGIH)

Overview News Price History Option Chain Financials Why LGIH Down? Discussions Forecast

Why is LGI Homes Inc (LGIH) Stock down?

We've noticed a 6.36% decline in LGI Homes Inc (LGIH) stock during the 2024-04-30 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!

05 Oct, 2023:

Shares of LGI Homes, Inc. (LGIH) dropped by 5.35% from $98.60 to $93.32 in the trading on Thursday October 5, 2023. The reasons why stock LGIH is down today includes:

High mortgage rates: On October 4, the U.S. 30-year mortgage rate hit 7.49%, the highest level since December 2000. Today, on October 5, the weighted average mortgage rate remained relatively stable at 3.6% in the US. Despite rising rates, household financial obligations decreased. This, coupled with soaring home prices, has hit affordability hard, impacting LGI Homes. Consequently, LGIH stock dropped noticeably.
Weaker-than-expected September and Q3 Home Closings: LGI Homes made an announcement on October 4, 2023, stating that they had finalized the sale of 540 homes in September, which marked a decrease from the 624 homes sold in August. This brought their total home closings for the third quarter to 1,751 homes, falling short of the consensus expectation of 1,910 closings.