Inventory

9 Months Ended

Sep. 30, 2021

The components of inventory were as follows:


	September 30, 2021		December 31, 2020
Properties for sale	$	170,731	$	17,153
Properties not available for sale	38,835		7,225
Properties under improvement	225,578		24,780
Inventory	$	435,144	$	49,158

Inventory includes direct home purchase costs and any capitalized improvements, net of inventory reserves, which reflect the lower of cost or net realizable value write-downs applied on a specific home basis. As of September 30, 2021 and December 31, 2020, our inventory reserves were $2,551 and $29, respectively. During the nine months ended September 30, 2021, we purchased 1,528 homes with an inventory value of $790,738 and sold 851 homes with an inventory value of $415,110. During the nine months ended September 30, 2020, we purchased 253 homes with an inventory value of $101,759 and sold 370 homes with an inventory value of $149,676.