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Payables and Accruals | 12 Months Ended
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Dec. 31, 2024
Payables and Accruals [Abstract] |
Accounts Payable and Accrued Liabilities Disclosure | 7. ACCRUED EXPENSES A summary of the Company’s accrued expenses is as follows (in thousands):
|  | December 31, 2024 |  | December 31, 2023
Real estate development reserve to complete (1) |  | $ | 31,043 |  |  | $ | 26,063 |
Accrued compensation |  | 20,309 |  |  | 14,960 |
Warranty reserve |  | 17,373 |  |  | 23,474 |
Accrued property tax payable |  | 10,973 |  |  | 5,003 |
Other accrued expenses |  | 30,370 |  |  | 26,957 |
Total accrued expenses |  | $ | 110,068 |  |  | $ | 96,457 |
(1)Our real estate development reserve to complete consists of budgeted costs to complete the development of our communities. Warranties Warranty activity, included in accrued expenses in our consolidated balance sheets, consists of the following (in thousands):
| December 31, 2024 |  | December 31, 2023
Warranty reserve, beginning of period | $ | 23,474 |  |  | $ | 17,945 |
Warranties issued | 12,618 |  |  | 10,307 |
Changes in liability for existing warranties | 387 |  |  | 433 |
Change in accounting estimate (1) | (13,178) |  |  | — |
Payments made | (5,928) |  |  | (5,211) |
Warranty reserve, end of period | $ | 17,373 |  |  | $ | 23,474 |

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