Inventory

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

Inventory

Inventory

The following is a summary of inventory as of the dates presented:

	March 31, 2020		December 31, 2019
Homes for sale	$	47,887	$	36,982
Homes not available for sale	3,667		3,163
Homes under improvement	19,095		34,445
Inventory	$	70,649	$	74,590

Inventory costs include direct home acquisition costs and any capitalized improvements, net of lower of cost or net realizable value write-downs applied on a specific home basis. As of March 31, 2020 and December 31, 2019, lower of cost or net realizable value write-downs were $818 and $143, respectively.

The following is the inventory activity for the three months ended March 31, 2020:

Inventory as of January 1, 2020	$	74,590
Purchases and capitalized improvements to inventory	68,384
Relief of inventory to cost of revenue	(71,650		)
Lower of cost or net realizable value write-downs, net	(675		)
Inventory as of March 31, 2020	$	70,649