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Real Estate Inventory
 3 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
Real Estate Inventory Disclosures REAL ESTATE INVENTORY
Our real estate inventory consists of the following (in thousands):
March 31,December 31,
20262025
Land, land under development and finished lots$2,585,692 $2,601,578 
Information centers64,016 61,940 
Homes in progress321,503 261,850 
Completed homes565,296 587,219 
Total owned inventory3,536,507 3,512,587 
Real estate not owned4,224 7,976 
Total real estate inventory$3,540,731 $3,520,563 
Our real estate not owned relates to land banking financing arrangements with a third-party land banker to repurchase land that we sold to the land banker as a method of acquiring finished lots in staged takedowns, while limiting risk and minimizing the use of funds from our available cash or other financing sources.
We build and lease a number of single-family homes in select, existing communities. During the three months ended March 31, 2026 and 2025, we transferred $25.4 million and $13.4 million, respectively, of home assets from real estate inventory to rental properties within property and equipment, net. We are lessors of the homes representing these home assets.