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Revenue from Contract with Customer
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
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, 2025Three Months Ended September 30, 2024
Residential units revenueLand and lots revenueResidential units revenueLand and lots revenue
Primary Geographical Market
Central$391,108 $— $389,697 $801 
Southeast107,983 — 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, 2025Nine Months Ended September 30, 2024
Residential units revenueLand and lots revenueResidential units revenueLand and lots revenue
Primary Geographical Market
Central$1,174,323 $4,342 $1,094,102 $18,348 
Southeast367,194 — 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, 2025December 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,
2025202420252024
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.