Revenue from Contract with Customer

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

Disaggregation of Revenue

The following reflects the disaggregation of revenue by primary geographic market, type of customer, product type, and timing of revenue recognition for the three and nine months ended September 30, 2023 and 2022 (in thousands):

	Three Months Ended September 30, 2023				Three Months Ended September 30, 2022
	Residential units revenue		Land and lots revenue		Residential units revenue		Land and lots revenue
Primary Geographical Market
Central	$	293,640	$	2,580	$	259,033	$	3,950
Southeast	122,283		475		137,716		7,245
Total revenues	$	415,923	$	3,055	$	396,749	$	11,195
Type of Customer
Homebuyers	$	415,923	$	—	$	396,749	$	—
Homebuilders and Multi-family Developers	—		3,055		—		11,195
Total revenues	$	415,923	$	3,055	$	396,749	$	11,195
Product Type
Residential units	$	415,923	$	—	$	396,749	$	—
Land and lots	—		3,055		—		11,195
Total revenues	$	415,923	$	3,055	$	396,749	$	11,195
Timing of Revenue Recognition
Transferred at a point in time	$	415,827	$	3,055	$	394,731	$	11,195
Transferred over time(1)	96		—		2,018		—
Total revenues	$	415,923	$	3,055	$	396,749	$	11,195

(1)    Revenue recognized over time represents revenue from mechanic’s lien contracts.

	Nine Months Ended September 30, 2023				Nine Months Ended September 30, 2022
	Residential units revenue		Land and lots revenue		Residential units revenue		Land and lots revenue
Primary Geographical Market
Central	$	960,258	$	6,123	$	885,611	$	45,416
Southeast	360,472		475		388,314		7,363
Total revenues	$	1,320,730	$	6,598	$	1,273,925	$	52,779
Type of Customer
Homebuyers	$	1,320,730	$	—	$	1,273,925	$	—
Homebuilders and Multi-family Developers	—		6,598		—		52,779
Total revenues	$	1,320,730	$	6,598	$	1,273,925	$	52,779
Product Type
Residential units	$	1,320,730	$	—	$	1,273,925	$	—
Land and lots	—		6,598		—		52,779
Total revenues	$	1,320,730	$	6,598	$	1,273,925	$	52,779
Timing of Revenue Recognition
Transferred at a point in time	$	1,319,393	$	6,598	$	1,268,329	$	52,779
Transferred over time(1)	1,337		—		5,596		—
Total revenues	$	1,320,730	$	6,598	$	1,273,925	$	52,779

(1)    Revenue recognized over time represents revenue from mechanic’s lien contracts.

Contract Balances

Opening and closing contract balances included in customer and builder deposits on the condensed consolidated balance sheets are as follows (in thousands):

	September 30, 2023		December 31, 2022
Customer and builder deposits	$	47,239	$	29,112

The difference between the opening and closing balances of customer and builder deposits results from the timing difference between the customers’ payments of deposits and the Company’s delivery of the home, impacted slightly by terminations of contracts.

The amount of deposits on residential units and land and lots held as of the beginning of the period and recognized as revenue during the three and nine months ended September 30, 2023 and 2022 are as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Type of Customer
Homebuyers	$	13,537	$	22,798	$	25,329	$	51,753
Homebuilders and Multi-Family Developers	—		428		—		620
Total deposits recognized as revenue	$	13,537	$	23,226	$	25,329	$	52,373

Our contracts with homebuyers have a duration of less than one year. As such, the Company uses the practical expedient as allowed under ASC 606, Revenue from Contracts with Customers, and therefore has not disclosed the transaction price allocated to remaining performance obligations as of the end of the reporting period.