Inventory

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Inventory

Inventory

The components of inventory were as follows:

	March 31, 2021		December 31, 2020
Properties for sale	$	43,428	$	17,153
Properties not available for sale	14,515		7,225
Properties under improvement	39,428		24,780
Inventory	$	97,371	$	49,158

Inventory costs include direct home purchase 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, 2021 and December 31, 2020, lower of cost or net realizable value write-downs were $112 and $29, respectively. During the three months ended March 31, 2021 and 2020, we directly purchased $120,488 and $65,167 of homes and sold $74,598 and $68,083 in cost basis of homes, respectively.