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Revenue from Contract with Customer
 6 Months Ended
Jun. 30, 2024
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 six months ended June 30, 2024 and 2023 (in thousands):
Three Months Ended June 30, 2024Three Months Ended June 30, 2023
Residential units revenueLand and lots revenueResidential units revenueLand and lots revenue
Primary Geographical Market
Central$389,168 $13,493 $322,154 $1,844 
Southeast157,970 — 132,291 — 
Total revenues$547,138 $13,493 $454,445 $1,844 
Type of Customer
Homebuyers$547,138 $— $454,445 $— 
Homebuilders and Multi-family Developers— 13,493 — 1,844 
Total revenues$547,138 $13,493 $454,445 $1,844 
Product Type
Residential units$547,138 $— $454,445 $— 
Land and lots— 13,493 — 1,844 
Total revenues$547,138 $13,493 $454,445 $1,844 
Timing of Revenue Recognition
Transferred at a point in time$546,948 $13,493 $454,136 $1,844 
Transferred over time(1)
190 — 309 — 
Total revenues$547,138 $13,493 $454,445 $1,844 
(1)    Revenue recognized over time represents revenue from mechanic’s lien contracts.
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
Residential units revenueLand and lots revenueResidential units revenueLand and lots revenue
Primary Geographical Market
Central$704,405 $17,547 $666,618 $3,543 
Southeast286,017 — 238,189 — 
Total revenues$990,422 $17,547 $904,807 $3,543 
Type of Customer
Homebuyers$990,422 $— $904,807 $— 
Homebuilders and Multi-family Developers— 17,547 — 3,543 
Total revenues$990,422 $17,547 $904,807 $3,543 
Product Type
Residential units$990,422 $— $904,807 $— 
Land and lots— 17,547 — 3,543 
Total revenues$990,422 $17,547 $904,807 $3,543 
Timing of Revenue Recognition
Transferred at a point in time$990,042 $17,547 $903,566 $3,543 
Transferred over time(1)
380 — 1,241 — 
Total revenues$990,422 $17,547 $904,807 $3,543 
(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):
June 30, 2024December 31, 2023
Customer and builder deposits$49,316 $43,148 

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 six months ended June 30, 2024 and 2023 are as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Homebuyer deposits recognized as revenue $21,064 $15,595 $30,640 $21,329 

Transaction Price Allocated to the Remaining Performance Obligations
The aggregate amount of transaction price allocated to the remaining performance obligations on our land sale and lot option contracts is $6.4 million. The Company will recognize the remaining revenue when the lots are taken down, or upon closing for the sale of a land parcel. The Company expects to recognize revenue of $5.8 million in the remainder of 2024 and $0.6 million in 2025.
The timing of lot takedowns is contingent upon a number of factors, including customer and business 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 therefore has not disclosed the transaction price allocated to remaining performance obligations as of the end of the reporting period.