Payables and Accruals

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities Disclosure

7. ACCRUED EXPENSES

A summary of the Company’s accrued expenses is as follows (in thousands):

	December 31, 2022	December 31, 2021
Real estate development reserve to complete(1)	28,793	14,551
Warranty reserve	17,945	9,378
Accrued compensation	13,917	8,493
Other accrued expenses	30,626	28,929
Total accrued expenses	91,281	61,351

(1)Our real estate development reserve to complete consists of estimated future costs to finish the development of our communities.

Warranties

Warranty activity, included in accrued expenses in our consolidated balance sheets, consists of the following (in thousands):

	December 31, 2022		December 31, 2021
Warranty accrual, beginning of period	$	9,378	$	6,407
Warranties issued	8,295		6,174
Changes in liability for existing warranties	4,559		(357)
Settlements made	(4,287)		(2,846)
Warranty accrual, end of period	$	17,945	$	9,378