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Fair Value Measurements Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
The table below shows the notional amounts of our financial instruments at December 31, 2022 and 2021:
December 31,
Description of Financial Instrument (in thousands)20222021
Whole loan contracts and related committed IRLCs$ $782 
Uncommitted IRLCs262,529 228,831 
FMBSs related to uncommitted IRLCs341,088 223,000 
Whole loan contracts and related mortgage loans held for sale16,507 3,785 
FMBSs related to mortgage loans held for sale232,518 251,000 
Mortgage loans held for sale covered by FMBSs233,378 263,088 
Schedule of Derivative Instruments, (Loss) Gain in Statement of Financial Performance [Table Text Block]
The following table sets forth the amount of gain (loss) recognized, within our revenue in the Consolidated Statements of Income, on assets and liabilities measured on a recurring basis for the years ended December 31, 2022, 2021 and 2020:
Year Ended December 31,
Description (in thousands)202220212020
Mortgage loans held for sale$407 $(2,586)$318 
Forward sales of mortgage-backed securities(7,482)6,117 (1,304)
Interest rate lock commitments1,282 (2,143)964 
Whole loan contracts(323)353 (360)
Total (loss) gain recognized$(6,116)$1,741 $(382)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The following tables set forth the fair value of the Company’s derivative instruments and their location within the Consolidated Balance Sheets for the periods indicated (except for mortgage loans held for sale which are disclosed as a separate line item):
Asset DerivativesLiability Derivatives
December 31, 2022December 31, 2022
Description of DerivativesBalance Sheet
Location
Fair Value
(in thousands)
Balance Sheet LocationFair Value
(in thousands)
Forward sales of mortgage-backed securitiesOther assets$ Other liabilities$3,005 
Interest rate lock commitmentsOther assets787 Other liabilities 
Whole loan contractsOther assets Other liabilities377 
Total fair value measurements$787 $3,382 
Asset DerivativesLiability Derivatives
December 31, 2021December 31, 2021
Description of DerivativesBalance Sheet
Location
Fair Value
(in thousands)
Balance Sheet LocationFair Value
(in thousands)
Forward sales of mortgage-backed securitiesOther assets$4,477 Other liabilities$ 
Interest rate lock commitmentsOther assets Other liabilities487 
Whole loan contractsOther assets Other liabilities62 
Total fair value measurements$4,477 $549 
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] The table below shows the level and measurement of assets measured on a non-recurring basis for the years ended December 31, 2022, 2021 and 2020:
Year Ended December 31,
Description (in thousands)Fair Value Hierarchy2022
2021 (2)
2020 (2)
Adjusted basis of inventory (1)
Level 3$16,141 $— $16,324 
Total losses8,165 — 8,435 
Initial basis of inventory (3)
$24,306 $— $24,759 
(1)The fair values in the table above represent only assets whose carrying values were adjusted in the respective period.
(2)The carrying values for these assets may have subsequently increased or decreased from the fair value reported due to activities that have occurred since the measurement date.
(3)This amount is inclusive of our investments in joint venture arrangements.
Fair Value, by Balance Sheet Grouping [Table Text Block]
The following table presents the carrying amounts and fair values of the Company’s financial instruments at December 31, 2022 and 2021. The objective of the fair value measurement is to estimate the price at which an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions.
December 31, 2022December 31, 2021
(In thousands)Fair Value HierarchyCarrying AmountFair ValueCarrying AmountFair Value
Assets:
Cash, cash equivalents and restricted cashLevel 1$311,542 $311,542 $236,368 $236,368 
Mortgage loans held for saleLevel 2242,539 242,539 275,655 275,655 
Interest rate lock commitmentsLevel 2787 787 — — 
Forward sales of mortgage-backed securitiesLevel 2  4,477 4,477 
Liabilities:
Notes payable - homebuilding operationsLevel 2  — — 
Notes payable - financial services operationsLevel 2245,741 245,741 266,160 266,160 
Notes payable - otherLevel 2  4,549 5,015 
Senior notes due 2028 (a)
Level 2400,000 353,500 400,000 414,000 
Senior notes due 2030 (a)
Level 2300,000 240,750 300,000 294,375 
Interest rate lock commitmentsLevel 2  487 487 
Whole loan contracts for committed IRLCs and mortgage loans held for saleLevel 2377 377 62 62 
Forward sales of mortgage-backed securitiesLevel 23,005 3,005 — — 
(a)Our senior notes are stated at the principal amount outstanding which does not include the impact of premiums, discounts, and debt issuance costs that are amortized to interest cost over the respective terms of the notes.