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REAL ESTATE INVENTORY

6 Months Ended

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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- References

No definition available.

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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

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