Revenue Recognition

12 Months Ended

Dec. 31, 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 (in thousands):

	Years Ended December 31,
	2023				2022				2021
	Residential units revenue		Land and lots revenue		Residential units revenue		Land and lots revenue		Residential units revenue		Land and lots revenue
Primary Geographical Market
Central	$	1,270,599	$	7,980	$	1,181,393	$	46,479	$	938,052	$	66,613
Southeast	498,656		475		522,558		7,363		371,635		26,576
Total revenues	$	1,769,255	$	8,455	$	1,703,951	$	53,842	$	1,309,687	$	93,189
Type of Customer
Homebuyers	$	1,769,255	$	—	$	1,703,951	$	—	$	1,309,687	$	—
Homebuilders and Multi-family Developers	—		8,455		—		53,842		—		93,189
Total revenues	$	1,769,255	$	8,455	$	1,703,951	$	53,842	$	1,309,687	$	93,189
Product Type
Residential units	$	1,769,255	$	—	$	1,703,951	$	—	$	1,309,687	$	—
Land and lots	—		8,455		—		53,842		—		93,189
Total revenues	$	1,769,255	$	8,455	$	1,703,951	$	53,842	$	1,309,687	$	93,189
Timing of Revenue Recognition(1)
Transferred at a point in time	$	1,767,788	$	8,455	$	1,696,911	$	53,842	$	1,305,620	$	93,189
Transferred over time	1,467		—		7,040		—		4,067		—
Total revenues	$	1,769,255	$	8,455	$	1,703,951	$	53,842	$	1,309,687	$	93,189

(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 consolidated balance sheets are as follows (in thousands):

	December 31, 2023		December 31, 2022
Customer and builder deposits	$	43,148	$	29,112

The difference between the opening and closing balances of customer and builder deposits results from the timing difference between the customer’s payment of a deposit 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 years ended December 31, 2023 and 2022 are as follows (in thousands):

	2023		2022
Type of Customer
Homebuyers	$	26,575	$	20,649
Homebuilders and Multi-Family Developers	—		83
Total deposits recognized as revenue	$	26,575	$	20,732

Transaction Price Allocated to Remaining Performance Obligations

The aggregate amount of transaction price allocated to the remaining performance obligations on our land sale and lot option contracts is $3.0 million. The Company will recognize the remaining revenue when the lots are taken down, or upon closing for the sale of a land parcel, which is expected to occur in 2024.

The timing of lot takedowns is contingent upon a number of factors, including customer needs, the number of lots being purchased, receipt of acceptance of the plat by the municipality, weather-related delays, and agreed-upon lot takedown schedules.

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 has not disclosed the transaction price allocated to remaining performance obligations as of the end of the reporting period.