Quarterly report pursuant to Section 13 or 15(d)

Inventory

v3.22.2
Inventory
6 Months Ended
Jun. 30, 2022
Inventory Disclosure [Abstract]  
Inventory Inventory
The components of inventory were as follows:

June 30, 2022 December 31, 2021
Finished goods
Properties for sale $ 98,020  $ 36,302 
Properties under contract for sale 55,201  83,108 
Work in progress
Properties not available for sale 41,106  16,377 
Properties under improvement 183,191  222,434 
Inventory $ 377,518  $ 358,221 

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 June 30, 2022 and December 31, 2021, lower of cost or net realizable value write-downs were $4,739 and $2,364, respectively. These write-downs are included within the changes in inventory in net cash used in operating activities in our consolidated statements of cash flows. During the six months ended June 30, 2022, we purchased 1,045 homes with an inventory value of $540,882 and sold 1,040 homes with an inventory value of $515,067. During the six months ended June 30, 2021, we purchased 808 homes with an inventory value of $410,960 and sold 463 homes with an inventory value of $213,921.

Homes that are under contract to purchase through our properties business, but that have not closed, are excluded from inventory and represent commitments at the end of the period. As of June 30, 2022, the aggregate purchase price of these homes was $138,271.