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Legacy Housing (LEGH) Q2 earnings and housing market overview

Legacy Housing (LEGH) Q2 earnings and housing market overview

Existing home sales fell 1.7% in July as mortgage rates hover around 6.7%. Zillow estimates a national shortage of 4.7 million homes. While traditional homebuilders face headwinds right now, manufactured home builder Legacy Housing (LEGH) had a strong Q2. Revenue rose 32% year-over-year to $66.3 million, and net income increased 59% to $23.5 million. EPS was $0.99, up 62% from last year. The stock is up around 45% YTD. With the average manufactured home costing about $120k, it offers a cheaper alternative to traditional on-site housing. Recent legislation like the ROAD to Housing Act should also clear some hurdles for building and financing these types of homes.
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