Inventory

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventory

Inventory

The components of inventory were as follows:

	December 31,
	2022		2021
Finished goods
Homes for sale	$	97,636	$	119,410
Work in progress
Homes not available for sale	2,467		16,377
Homes under improvement	14,170		222,434
Inventory	$	114,273	$	358,221

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, 2022 and 2021, lower of cost or net realizable value write-downs were $8,404 and $2,364, respectively. These write-downs are included within the changes in inventory in net cash provided by (used in) operating activities in our consolidated statements of cash flows.

The following table summarizes our inventory activities:

	December 31,
	2022		2021
Number of homes purchased	1,569		2,021
Inventory value of homes purchased	$	806,269	$	1,034,916
Number of homes sold	2,044		1,450
Inventory value of homes sold	$	1,033,866	$	738,809