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REAL ESTATE INVENTORY | 6 Months Ended
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Jun. 30, 2023
Inventory Disclosure [Abstract] |
REAL ESTATE INVENTORY | REAL ESTATE INVENTORY The following table presents the components of inventory, net of applicable inventory valuation adjustments of $45 million and $459 million, as of June 30, 2023 and December 31, 2022, respectively (in millions):
| June 30, 2023 |  | December 31, 2022
Work in progress | $ | 252 |  |  | $ | 891 |
Finished goods: |  |  |
Listed for sale | 563 |  |  | 2,788 |
Under contract for sale | 334 |  |  | 781 |
Total real estate inventory | $ | 1,149 |  |  | $ | 4,460 |
As of June 30, 2023, the Company was in contract to purchase 1,390 homes for an aggregate purchase price of $469 million. During the three and six months ended June 30, 2023, the Company recorded inventory valuation adjustments for real estate inventory of $14 million and $37 million, respectively, in Cost of revenue in the condensed consolidated statements of operations. During the three and six months ended June 30, 2022, the Company recorded inventory valuation adjustments for real estate inventory of $82 million and $90 million, respectively, in Cost of revenue in the condensed consolidated statements of operations.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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