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Revenue Recognition (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
--- | --- | --- | ---
Sep. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2025 | Sep. 30, 2024 | Dec. 31, 2024
Revenue from Contract with Customer [Abstract] |  |  |  |  |
Disaggregation of Revenue |  |  | The following reflects the disaggregation of revenue by primary geographic market, type of customer, product type, and timing of revenue recognition for the three and nine months ended September 30, 2025 and 2024 (in thousands):
| Three Months Ended September 30, 2025 |  | Three Months Ended September 30, 2024
| Residential units revenue |  | Land and lots revenue |  | Residential units revenue |  | Land and lots revenue
Primary Geographical Market |  |  |  |  |  |  |
Central | $ | 391,108 |  |  | $ | — |  |  | $ | 389,697 |  |  | $ | 801 |
Southeast | 107,983 |  |  | — |  |  | 133,162 |  |  | — |
Total revenues | $ | 499,091 |  |  | $ | — |  |  | $ | 522,859 |  |  | $ | 801 |
Type of Customer |  |  |  |  |  |  |
Homebuyers | $ | 499,091 |  |  | $ | — |  |  | $ | 522,859 |  |  | $ | — |
Homebuilders and Multi-family Developers | — |  |  | — |  |  | — |  |  | 801 |
Total revenues | $ | 499,091 |  |  | $ | — |  |  | $ | 522,859 |  |  | $ | 801 |
Product Type |  |  |  |  |  |  |
Residential units | $ | 499,091 |  |  | $ | — |  |  | $ | 522,859 |  |  | $ | — |
Land and lots | — |  |  | — |  |  | — |  |  | 801 |
Total revenues | $ | 499,091 |  |  | $ | — |  |  | $ | 522,859 |  |  | $ | 801 |
Timing of Revenue Recognition |  |  |  |  |  |  |
Transferred at a point in time | $ | 499,059 |  |  | $ | — |  |  | $ | 522,859 |  |  | $ | 801 |
Transferred over time(1) | 32 |  |  | — |  |  | — |  |  | — |
Total revenues | $ | 499,091 |  |  | $ | — |  |  | $ | 522,859 |  |  | $ | 801 |
(1) Revenue recognized over time represents revenue from mechanic’s lien contracts.
| Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024
| Residential units revenue |  | Land and lots revenue |  | Residential units revenue |  | Land and lots revenue
Primary Geographical Market |  |  |  |  |  |  |
Central | $ | 1,174,323 |  |  | $ | 4,342 |  |  | $ | 1,094,102 |  |  | $ | 18,348 |
Southeast | 367,194 |  |  | — |  |  | 419,179 |  |  | — |
Total revenues | $ | 1,541,517 |  |  | $ | 4,342 |  |  | $ | 1,513,281 |  |  | $ | 18,348 |
Type of Customer |  |  |  |  |  |  |
Homebuyers | $ | 1,541,517 |  |  | $ | — |  |  | $ | 1,513,281 |  |  | $ | — |
Homebuilders and Multi-family Developers | — |  |  | 4,342 |  |  | — |  |  | 18,348 |
Total revenues | $ | 1,541,517 |  |  | $ | 4,342 |  |  | $ | 1,513,281 |  |  | $ | 18,348 |
Product Type |  |  |  |  |  |  |
Residential units | $ | 1,541,517 |  |  | $ | — |  |  | $ | 1,513,281 |  |  | $ | — |
Land and lots | — |  |  | 4,342 |  |  | — |  |  | 18,348 |
Total revenues | $ | 1,541,517 |  |  | $ | 4,342 |  |  | $ | 1,513,281 |  |  | $ | 18,348 |
Timing of Revenue Recognition |  |  |  |  |  |  |
Transferred at a point in time | $ | 1,541,485 |  |  | $ | 4,342 |  |  | $ | 1,512,901 |  |  | $ | 18,348 |
Transferred over time(1) | 32 |  |  | — |  |  | 380 |  |  | — |
Total revenues | $ | 1,541,517 |  |  | $ | 4,342 |  |  | $ | 1,513,281 |  |  | $ | 18,348 |
(1) Revenue recognized over time represents revenue from mechanic’s lien contracts. |  |
Opening and Closing Contract Balances Included in Customer and Builder Deposits on Balance Sheet and Deposits Recognized as Revenue |  |  | Opening and closing contract balances included in customer and builder deposits on the condensed consolidated balance sheets are as follows (in thousands):
| September 30, 2025 |  | December 31, 2024 |  |  |  |
Customer and builder deposits | $ | 35,179 |  |  | $ | 37,068 |  |  |  |  |
The amount of deposits on residential units and land and lots held as of the beginning of the period and recognized as revenue during the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Homebuyers | $ | 14,839 |  |  | $ | 18,190 |  |  | $ | 32,474 |  |  | $ | 38,797 |
Homebuilders and Multi-Family Developers | — |  |  | — |  |  | 643 |  |  | — |
Total deposits recognized as revenue | $ | 14,839 |  |  | $ | 18,190 |  |  | $ | 33,117 |  |  | $ | 38,797 |
Revenue Recognition |  |  | Disaggregation of Revenue The following reflects the disaggregation of revenue by primary geographic market, type of customer, product type, and timing of revenue recognition for the three and nine months ended September 30, 2025 and 2024 (in thousands):
| Three Months Ended September 30, 2025 |  | Three Months Ended September 30, 2024
| Residential units revenue |  | Land and lots revenue |  | Residential units revenue |  | Land and lots revenue
Primary Geographical Market |  |  |  |  |  |  |
Central | $ | 391,108 |  |  | $ | — |  |  | $ | 389,697 |  |  | $ | 801 |
Southeast | 107,983 |  |  | — |  |  | 133,162 |  |  | — |
Total revenues | $ | 499,091 |  |  | $ | — |  |  | $ | 522,859 |  |  | $ | 801 |
Type of Customer |  |  |  |  |  |  |
Homebuyers | $ | 499,091 |  |  | $ | — |  |  | $ | 522,859 |  |  | $ | — |
Homebuilders and Multi-family Developers | — |  |  | — |  |  | — |  |  | 801 |
Total revenues | $ | 499,091 |  |  | $ | — |  |  | $ | 522,859 |  |  | $ | 801 |
Product Type |  |  |  |  |  |  |
Residential units | $ | 499,091 |  |  | $ | — |  |  | $ | 522,859 |  |  | $ | — |
Land and lots | — |  |  | — |  |  | — |  |  | 801 |
Total revenues | $ | 499,091 |  |  | $ | — |  |  | $ | 522,859 |  |  | $ | 801 |
Timing of Revenue Recognition |  |  |  |  |  |  |
Transferred at a point in time | $ | 499,059 |  |  | $ | — |  |  | $ | 522,859 |  |  | $ | 801 |
Transferred over time(1) | 32 |  |  | — |  |  | — |  |  | — |
Total revenues | $ | 499,091 |  |  | $ | — |  |  | $ | 522,859 |  |  | $ | 801 |
(1) Revenue recognized over time represents revenue from mechanic’s lien contracts.
| Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024
| Residential units revenue |  | Land and lots revenue |  | Residential units revenue |  | Land and lots revenue
Primary Geographical Market |  |  |  |  |  |  |
Central | $ | 1,174,323 |  |  | $ | 4,342 |  |  | $ | 1,094,102 |  |  | $ | 18,348 |
Southeast | 367,194 |  |  | — |  |  | 419,179 |  |  | — |
Total revenues | $ | 1,541,517 |  |  | $ | 4,342 |  |  | $ | 1,513,281 |  |  | $ | 18,348 |
Type of Customer |  |  |  |  |  |  |
Homebuyers | $ | 1,541,517 |  |  | $ | — |  |  | $ | 1,513,281 |  |  | $ | — |
Homebuilders and Multi-family Developers | — |  |  | 4,342 |  |  | — |  |  | 18,348 |
Total revenues | $ | 1,541,517 |  |  | $ | 4,342 |  |  | $ | 1,513,281 |  |  | $ | 18,348 |
Product Type |  |  |  |  |  |  |
Residential units | $ | 1,541,517 |  |  | $ | — |  |  | $ | 1,513,281 |  |  | $ | — |
Land and lots | — |  |  | 4,342 |  |  | — |  |  | 18,348 |
Total revenues | $ | 1,541,517 |  |  | $ | 4,342 |  |  | $ | 1,513,281 |  |  | $ | 18,348 |
Timing of Revenue Recognition |  |  |  |  |  |  |
Transferred at a point in time | $ | 1,541,485 |  |  | $ | 4,342 |  |  | $ | 1,512,901 |  |  | $ | 18,348 |
Transferred over time(1) | 32 |  |  | — |  |  | 380 |  |  | — |
Total revenues | $ | 1,541,517 |  |  | $ | 4,342 |  |  | $ | 1,513,281 |  |  | $ | 18,348 |
(1) Revenue recognized over time represents revenue from mechanic’s lien contracts. Contract Balances Opening and closing contract balances included in customer and builder deposits on the condensed consolidated balance sheets are as follows (in thousands):
| September 30, 2025 |  | December 31, 2024 |  |  |  |
Customer and builder deposits | $ | 35,179 |  |  | $ | 37,068 |  |  |  |  |
The difference between the opening and closing balances of customer and builder deposits results from the timing difference between the customers’ payments of deposits and the Company’s delivery of the home, impacted slightly by cancellations of contracts. The amount of deposits on residential units and land and lots held as of the beginning of the period and recognized as revenue during the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Homebuyers | $ | 14,839 |  |  | $ | 18,190 |  |  | $ | 32,474 |  |  | $ | 38,797 |
Homebuilders and Multi-Family Developers | — |  |  | — |  |  | 643 |  |  | — |
Total deposits recognized as revenue | $ | 14,839 |  |  | $ | 18,190 |  |  | $ | 33,117 |  |  | $ | 38,797 |
Transaction Price Allocated to the Remaining Performance Obligations The aggregate amount allocated to the remaining performance obligations on our land sale and lot option contracts is $17.4 million. The Company will recognize the remaining revenue when and if the lots are taken down, or upon closing for the sale of a land parcel, $12.3 million of which is expected to occur in the remainder of 2025 and $5.1 million in 2026. The timing of lot takedowns is contingent upon a number of factors, including customer and business needs, the number of lots being purchased, receipt of acceptance of the plat by the municipality, weather-related delays, and agreed-upon lot takedown schedules. Our contracts with homebuyers have a duration of less than one year. As such, the Company uses the practical expedient as allowed under ASC 606, Revenue from Contracts with Customers, and therefore has not disclosed the transaction price allocated to remaining performance obligations as of the end of the reporting period. |  |
Disaggregation of Revenue [Line Items] |  |  |  |  |
Total revenues | $ 499,091 | $ 523,660 | $ 1,545,859 | $ 1,531,629 |
Revenue recognized | 14,839 | 18,190 | 33,117 | 38,797 |
Customer and builder deposits | 35,179 |  | 35,179 |  | $ 37,068
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |  |  |  |  |
Remaining performance obligations | 17,400 |  | 17,400 |  |
Residential Real Estate [Member] |  |  |  |  |
Disaggregation of Revenue [Line Items] |  |  |  |  |
Total revenues | 499,091 | 522,859 | 1,541,517 | 1,513,281 |
Residential Real Estate [Member] | Transferred at a point in time |  |  |  |  |
Disaggregation of Revenue [Line Items] |  |  |  |  |
Total revenues | 499,059 | 522,859 | 1,541,485 | 1,512,901 |
Residential Real Estate [Member] | Transferred over Time [Member] |  |  |  |  |
Disaggregation of Revenue [Line Items] |  |  |  |  |
Total revenues | 32 | 0 | 32 | 380 |
Real Estate, Other [Member] |  |  |  |  |
Disaggregation of Revenue [Line Items] |  |  |  |  |
Total revenues | 0 | 801 | 4,342 | 18,348 |
Real Estate, Other [Member] | Transferred at a point in time |  |  |  |  |
Disaggregation of Revenue [Line Items] |  |  |  |  |
Total revenues | 0 | 801 | 4,342 | 18,348 |
Real Estate, Other [Member] | Transferred over Time [Member] |  |  |  |  |
Disaggregation of Revenue [Line Items] |  |  |  |  |
Total revenues | 0 | 0 | 0 | 0 |
Homebuilders [Member] | Residential Real Estate [Member] |  |  |  |  |
Disaggregation of Revenue [Line Items] |  |  |  |  |
Total revenues | 0 | 0 | 0 | 0 |
Revenue recognized | 0 | 0 | 643 | 0 |
Homebuilders [Member] | Real Estate, Other [Member] |  |  |  |  |
Disaggregation of Revenue [Line Items] |  |  |  |  |
Total revenues | 0 | 801 | 4,342 | 18,348 |
Homebuyers [Member] | Residential Real Estate [Member] |  |  |  |  |
Disaggregation of Revenue [Line Items] |  |  |  |  |
Total revenues | 499,091 | 522,859 | 1,541,517 | 1,513,281 |
Revenue recognized | 14,839 | 18,190 | 32,474 | 38,797 |
Homebuyers [Member] | Real Estate, Other [Member] |  |  |  |  |
Disaggregation of Revenue [Line Items] |  |  |  |  |
Total revenues | 0 | 0 | 0 | 0 |
Central | Residential Real Estate [Member] |  |  |  |  |
Disaggregation of Revenue [Line Items] |  |  |  |  |
Total revenues | 391,108 | 389,697 | 1,174,323 | 1,094,102 |
Central | Real Estate, Other [Member] |  |  |  |  |
Disaggregation of Revenue [Line Items] |  |  |  |  |
Total revenues | 0 | 801 | 4,342 | 18,348 |
Southeast [Domain] | Residential Real Estate [Member] |  |  |  |  |
Disaggregation of Revenue [Line Items] |  |  |  |  |
Total revenues | 107,983 | 133,162 | 367,194 | 419,179 |
Southeast [Domain] | Real Estate, Other [Member] |  |  |  |  |
Disaggregation of Revenue [Line Items] |  |  |  |  |
Total revenues | 0 | 0 | 0 | 0 |
Land Subdivider and Developers |  |  |  |  |
Disaggregation of Revenue [Line Items] |  |  |  |  |
Total revenues | 0 | 801 | 4,342 | 18,238 |
Land Subdivider and Developers | Residential Real Estate [Member] |  |  |  |  |
Disaggregation of Revenue [Line Items] |  |  |  |  |
Total revenues | 0 | 0 | 0 | 0 |
Homebuilders [Member] |  |  |  |  |
Disaggregation of Revenue [Line Items] |  |  |  |  |
Total revenues | 499,091 | 522,859 | 1,541,517 | 1,513,391 |
Homebuilders [Member] | Land and Lots [Member] |  |  |  |  |
Disaggregation of Revenue [Line Items] |  |  |  |  |
Total revenues | 0 | $ 0 | 0 | $ 0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 |  |  |  |  |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |  |  |  |  |
Remaining performance obligations | 12,300 |  | 12,300 |  |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 |  |  |  |  |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |  |  |  |  |
Remaining performance obligations | $ 5,100 |  | $ 5,100 |  |

X
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