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Payables and Accruals
 12 Months Ended
Dec. 31, 2024
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, 2024December 31, 2023
Real estate development reserve to complete (1)
$31,043 $26,063 
Accrued compensation20,309 14,960 
Warranty reserve17,373 23,474 
Accrued property tax payable10,973 5,003 
Other accrued expenses30,370 26,957 
Total accrued expenses$110,068 $96,457 
(1)Our real estate development reserve to complete consists of budgeted costs to complete 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, 2024December 31, 2023
Warranty reserve, beginning of period$23,474 $17,945 
Warranties issued12,618 10,307 
Changes in liability for existing warranties 387 433 
Change in accounting estimate (1)
(13,178)— 
Payments made(5,928)(5,211)
Warranty reserve, end of period$17,373 $23,474