Inventory

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventory

Inventory

The components of inventory were as follows:

	December 31,
	2021		2020
Properties for sale	$	119,410	$	17,153
Properties not available for sale	16,377		7,225
Properties under improvement	222,434		24,780
Inventory	$	358,221	$	49,158

Inventory costs include 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 December 31, 2021 and 2020, lower of cost or net realizable value write-downs were $2,364 and $29, respectively. These write-downs are included within the changes in inventory in net cash (used in) provided by operating activities in our consolidated statements of cash flows. During the year ended December 31, 2021, we purchased 2,021 homes with an inventory value of $1,034,916 and sold 1,450 homes with an inventory value of $738,809. During the year ended December 31, 2020, we purchased 394 homes with an inventory value of $158,269 and sold 453 homes with an inventory value of $182,906.