Inventories (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventory

The following table sets forth, by reportable segment, information relating to our homebuilding inventories:

	March 31, 2026		December 31, 2025
	(Dollars in thousands)
Housing completed or under construction:
Pacific Northwest	$	411,892	$	459,080
California	699,891		732,402
Desert	548,479		575,557
Mountain	443,957		510,726
Texas	743,326		414,850
East	308,471		367,629
Subtotal	3,156,016		3,060,244
Land and land under development:
Pacific Northwest	657,706		681,229
California	900,474		847,635
Desert	1,075,699		1,054,816
Mountain	526,181		509,450
Texas	197,308		457,977
East	505,053		500,941
Subtotal	3,862,421		4,052,048
Land held for sale:
Pacific Northwest	8,860		9,928
California	49,595		46,763
Desert	—		—
Mountain	—		—
Texas	8,573		10,944
East	9,722		—
Subtotal	76,750		67,635
Total inventories	$	7,095,187	$	7,179,927

Schedule of Inventory Impairments

Inventory impairments recognized by segment for the three months ended March 31, 2026 and 2025 are shown in the table below.

	Three Months Ended March 31,
	2026		2025
	(Dollars in thousands)
Housing Completed or Under Construction:
Pacific Northwest	$	560	$	—
California	—		—
Desert	1,450		—
Mountain	—		—
Texas	—		—
East	2,014		—
Subtotal	4,024		—
Land and Land Under Development:
Pacific Northwest	140		—
California	—		—
Desert	—		—
Mountain	—		—
Texas	—		—
East	336		—
Subtotal	476		—
Total Inventory Impairments	$	4,500	$	—

Schedule of Quantitative Data for Fair Value of the Impaired Inventory

The table below provides quantitative data, for the periods presented, where applicable, used in determining the fair value of the impaired inventory.

	Impairment Data				Quantitative Data
Three Months Ended	Number of Subdivisions Impaired	Inventory Impairments		Fair Value of Inventory After Impairments	Discount Rate
	(Dollars in thousands)
March 31, 2026	4	4,500		23,441	15%
Total		$	4,500