Our real estate inventory consists of the following (in thousands):





	June 30,		December 31,
	2026		2025

Land, land under development and finished lots	$	2,507,330	$	2,601,578
Completed homes	466,783		587,219
Homes in progress	422,289		261,850
Information centers	62,965		61,940
Land held for sale	53,246		35,039

Total owned inventory	3,512,613		3,547,626
Real estate not owned	—		7,976
Total real estate inventory	$	3,512,613	$	3,555,602

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. As of June 30, 2026, we have completed the repurchase of all lots via takedowns associated with these transactions.

We build and lease a number of single-family homes in select, existing communities. During the six months ended June 30, 2026 and 2025, we transferred $66.3 million and $41.4 million, respectively, of home assets from real estate inventory to assets held for lease within property and equipment, net.

During the six months ended June 30, 2026, we reclassified land held for sale of $35.0 million as of December 31, 2025, from other assets to real estate inventory on the condensed consolidated balance sheet and $46.5 million for the six months ended June 30, 2025 from other assets to real estate inventory on the condensed consolidated statement of cash flow. We made this reclassification to align the presentation of these assets with the classification of the related sales, which are now recorded within revenue rather than other income (see Note 11). This reclassification had no impact on our previously reported total assets or total operating cash flows.