New Home (NWHM) 10-Q 29 Jul 21 2021 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 27, 2021
Document Information [Line Items]
Entity Central Index Key	0001574596
Entity Registrant Name	New Home Co Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-36283
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-0560089
Entity Address, Address Line One	6730 N Scottsdale Rd., Suite 290
Entity Address, City or Town	Scottsdale
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85253
City Area Code	602
Local Phone Number	767-1426
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	NWHM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,160,613

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 117,329,000	$ 107,279,000
Restricted cash	22,000	180,000
Contracts and accounts receivable	4,501,000	4,924,000
Due from affiliates	61,000	102,000
Real estate inventories	358,273,000	314,957,000
Investment in unconsolidated joint ventures	769,000	2,107,000
Deferred tax asset, net	14,268,000	15,447,000
Other assets	50,263,000	50,703,000
Total assets	545,486,000	495,699,000
Liabilities and equity
Accounts payable	16,084,000	17,182,000
Accrued expenses and other liabilities	46,092,000	36,210,000
Senior notes, net	280,579,000	244,865,000
Total liabilities	342,755,000	298,257,000
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares outstanding	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized, 18,160,613 and 18,122,345, shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively	182,000	181,000
Additional paid-in capital	191,457,000	191,496,000
Retained earnings	11,092,000	5,765,000
Total stockholders' equity	202,731,000	197,442,000
Total liabilities and stockholders' equity	$ 545,486,000	$ 495,699,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	18,160,613	18,122,345
Common stock, shares outstanding (in shares)	18,160,613	18,122,345

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Revenues	$ 140,526	$ 98,960	$ 239,682	$ 230,993
Cost of Sales:
Impairments	0	19,000	0	19,000
Cost of Revenue, Total	116,947	106,211	199,992	226,577
Gross Margin:
Gross margin	23,579	(7,251)	39,690	4,416
Selling and marketing expenses	(7,778)	(6,386)	(14,432)	(13,852)
General and administrative expenses	(9,453)	(6,892)	(17,724)	(12,915)
Equity in net income (loss) of unconsolidated joint ventures	0	(19,962)	174	(21,899)
Interest expense	(91)	(1,271)	(445)	(1,989)
Project abandonment costs	(21)	(94)	(89)	(14,130)
Gain on early extinguishment of debt	0	702	0	579
Other income (expense), net	(116)	(68)	(50)	155
Pretax income (loss)	6,120	(41,222)	7,124	(59,635)
(Provision) benefit for income taxes	(1,346)	16,929	(1,797)	26,866
Net income (loss)	$ 4,774	$ (24,293)	$ 5,327	$ (32,769)
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.26	$ (1.32)	$ 0.29	$ (1.71)
Diluted (in dollars per share)	$ 0.26	$ (1.32)	$ 0.29	$ (1.71)
Weighted average shares outstanding:
Basic (in shares)	18,075,687	18,341,549	18,092,259	19,146,687
Diluted (in shares)	18,446,015	18,341,549	18,431,276	19,146,687
Home Building [Member]
Revenues:
Revenues	$ 135,940	$ 77,757	$ 229,795	$ 173,416
Cost of Sales:
Cost of Sales	112,453	66,216	190,301	150,938
Impairments	0	19,000	0	19,000
Gross Margin:
Gross margin	23,487	(7,459)	39,494	3,478
Pretax income (loss)	6,028	(41,430)	6,928	(60,573)
Land [Member]
Revenues:
Revenues	0	10	0	157
Cost of Sales:
Cost of Sales	0	10	0	157
Gross Margin:
Gross margin	0	0	0	0
Construction [Member]
Revenues:
Revenues	4,586	21,193	9,887	57,420
Cost of Sales:
Cost of Sales	4,494	20,985	9,691	56,482
Gross Margin:
Gross margin	92	208	196	938
Pretax income (loss)	$ 92	$ 208	$ 196	$ 938

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2019	20,096,969
Balance at Dec. 31, 2019	$ 201	$ 193,862	$ 38,584	$ 232,647	$ 112	$ 232,759
Net income (loss)	0	0	(32,769)	(32,769)	0	(32,769)
Stock-based compensation expense	$ 0	1,110	0	1,110	0	1,110
Shares net settled with the Company to satisfy employee personal income tax liabilities resulting from share based compensation plans (in shares)	(58,644)
Shares net settled with the Company to satisfy employee personal income tax liabilities resulting from share based compensation plans	$ 0	(304)	0	(304)	0	(304)
Shares issued through stock plans (in shares)	244,812
Shares issued through stock plans	$ 2	(2)	0	0	0	$ 0
Repurchase of common stock (in shares)	(2,051,183)					(2,051,183)
Repurchase of common stock	$ (21)	(3,697)	0	(3,718)	0	$ (3,718)
Balance (in shares) at Jun. 30, 2020	18,231,954
Balance at Jun. 30, 2020	$ 182	190,969	5,815	196,966	112	197,078
Balance (in shares) at Mar. 31, 2020	18,957,165
Balance at Mar. 31, 2020	$ 190	191,926	30,108	222,224	112	222,336
Net income (loss)	0	0	(24,293)	(24,293)	0	(24,293)
Stock-based compensation expense	$ 0	521	0	521	0	521
Shares net settled with the Company to satisfy employee personal income tax liabilities resulting from share based compensation plans (in shares)	(546)
Shares net settled with the Company to satisfy employee personal income tax liabilities resulting from share based compensation plans	$ 0	(1)	0	(1)	0	(1)
Shares issued through stock plans (in shares)	92,635
Shares issued through stock plans	$ 1	(1)	0	0	0	$ 0
Repurchase of common stock (in shares)	(817,300)					(817,300)
Repurchase of common stock	$ (9)	(1,476)	0	(1,485)	0	$ (1,485)
Balance (in shares) at Jun. 30, 2020	18,231,954
Balance at Jun. 30, 2020	$ 182	190,969	5,815	196,966	112	$ 197,078
Balance (in shares) at Dec. 31, 2020	18,122,345					18,122,345
Balance at Dec. 31, 2020	$ 181	191,496	5,765	197,442	0	$ 197,442
Net income (loss)	0	0	5,327	5,327	0	5,327
Stock-based compensation expense	$ 0	1,258	0	1,258	0	1,258
Shares net settled with the Company to satisfy employee personal income tax liabilities resulting from share based compensation plans (in shares)	(62,084)
Shares net settled with the Company to satisfy employee personal income tax liabilities resulting from share based compensation plans	$ 0	(320)	0	(320)	0	(320)
Shares issued through stock plans (in shares)	279,678
Shares issued through stock plans	$ 2	(2)	0	0	0	$ 0
Repurchase of common stock (in shares)	(179,326)					(179,326)
Repurchase of common stock	$ (1)	(975)	0	(976)	0	$ (976)
Balance (in shares) at Jun. 30, 2021	18,160,613					18,160,613
Balance at Jun. 30, 2021	$ 182	191,457	11,092	202,731	0	$ 202,731
Balance (in shares) at Mar. 31, 2021	18,080,002
Balance at Mar. 31, 2021	$ 181	191,068	6,318	197,567	0	197,567
Net income (loss)	0	0	4,774	4,774	0	4,774
Stock-based compensation expense	$ 0	613	0	613	0	613
Shares net settled with the Company to satisfy employee personal income tax liabilities resulting from share based compensation plans (in shares)	(532)
Shares net settled with the Company to satisfy employee personal income tax liabilities resulting from share based compensation plans	$ 0	(3)	0	(3)	0	(3)
Shares issued through stock plans (in shares)	118,646
Shares issued through stock plans	$ 1	(1)	0	0	0	$ 0
Repurchase of common stock (in shares)	(37,503)					(37,503)
Repurchase of common stock	$ 0	(220)	0	(220)	0	$ (220)
Balance (in shares) at Jun. 30, 2021	18,160,613					18,160,613
Balance at Jun. 30, 2021	$ 182	$ 191,457	$ 11,092	$ 202,731	$ 0	$ 202,731

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities:
Net income (loss)	$ 5,327,000	$ (32,769,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred taxes	1,179,000	1,637,000
Amortization of stock-based compensation	1,258,000	1,110,000
Inventory impairments	0	19,000,000
Project abandonment costs	89,000	14,130,000
Equity in net (income) loss of unconsolidated joint ventures	(174,000)	21,899,000
Depreciation and amortization	2,727,000	3,623,000
Gain on early extinguishment of debt	0	(579,000)
Net changes in operating assets and liabilities:
Contracts and accounts receivable	527,000	8,870,000
Due from affiliates	41,000	98,000
Real estate inventories	(5,185,000)	30,579,000
Other assets	840,000	(31,133,000)
Accounts payable	(3,762,000)	(8,932,000)
Accrued expenses and other liabilities	2,122,000	(5,510,000)
Net cash provided by operating activities	4,989,000	22,023,000
Investing activities:
Purchases of property and equipment	(130,000)	(143,000)
Contributions to unconsolidated joint ventures	0	(3,847,000)
Distributions of capital from unconsolidated joint ventures	1,512,000	2,370,000
Cash paid for acquisition, net of cash acquired	(6,477,000)	0
Net cash used in investing activities	(5,095,000)	(1,620,000)
Financing activities:
Proceeds from senior notes	36,138,000	0
Repurchases of senior notes	0	(9,825,000)
Proceeds from notes payable	0	7,036,000
Repayment of notes payable	(23,848,000)	(7,036,000)
Payment of debt issuance costs	(996,000)	(255,000)
Repurchases of common stock	(976,000)	(3,718,000)
Tax withholding paid on behalf of employees for stock awards	(320,000)	(304,000)
Net cash provided by (used in) financing activities	9,998,000	(14,102,000)
Net increase in cash, cash equivalents and restricted cash	9,892,000	6,301,000
Cash, cash equivalents and restricted cash – beginning of period	107,459,000	79,431,000
Cash, cash equivalents and restricted cash – end of period	$ 117,351,000	$ 85,732,000

Note 1 - Organization and Summa

Note 1 - Organization and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	1. Organization The New Home Company Inc. (the "Company"), a Delaware corporation, and its subsidiaries are primarily engaged in all aspects of residential real estate development, including acquiring land and designing, constructing and selling homes in California, Arizona and Colorado. Based on our public float of $46.0 million at June 30, 2020, Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts have been eliminated upon consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10 X 10 December 31, 2020 not tors, such as the effects of the novel coronavirus ("COVID- 19" Unless the context otherwise requires, the terms "we", "us", "our" and "the Company" refer to the Company and its wholly owned subsidiaries, on a consolidated basis. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying condensed consolidated financial statements and notes. Accordingly, actual results could differ materially from these estimates. Reclassifications No Segment Reporting Accounting Standards Codification ("ASC") 280, Segment Reporting ("ASC 280" 280, Cash and Cash Equivalents We define cash and cash equivalents as cash on hand, demand deposits with financial institutions, and short term liquid investments with a maturity date of less than three Restricted Cash Restricted cash of $22,000 and $0.2 million as of June 30, 2021 December 31, 2020 The table below shows the line items and amounts of cash and cash equivalents and restricted cash as reported within the Company's condensed consolidated balance sheets for each period shown that sum to the total of the same such amounts at the end of the periods shown in the accompanying condensed consolidated statements of cash flows. Six Months Ended June 30, 2021 2020 (Dollars in thousands) Cash and cash equivalents $ 117,329 $ 85,588 Restricted cash 22 144 Total cash, cash equivalents, and restricted cash shown in the statements of cash flows $ 117,351 $ 85,732 Real Estate Inventories and Cost of Sales We capitalize pre-acquisition, land, development and other allocated costs, including interest, property taxes and indirect construction costs. Pre-acquisition costs, including nonrefundable land deposits, are expensed to project abandonment costs if we determine continuation of the prospective project is not Land, development and other common costs are typically allocated to real estate inventories using a methodology that approximates the relative-sales-value method. Home construction costs per production phase are recorded using the specific identification method. Cost of sales for homes closed includes the estimated total construction costs of each home at completion and an allocation of all applicable land acquisition, land development and related common costs (both incurred and estimated to be incurred) based upon the relative-sales-value of the home within each project. Changes in estimated development and common costs are allocated prospectively to remaining homes in the project. In accordance with ASC 360, Property, Plant and Equipment 360" not not If there are indicators of impairment, we perform a detailed budget and cash flow review of the applicable real estate inventories to determine whether the estimated future undiscounted cash flows of the project are more or less than the asset’s carrying value. If the estimated future undiscounted cash flows exceed the asset’s carrying value, no 820, Fair Value Measurements and Disclosures 820" When estimating undiscounted future cash flows of a project, we make various assumptions, including: (i) expected sales prices and sales incentives to be offered, including the number of homes available, pricing and incentives being offered by us or other builders in other projects, and future sales price adjustments based on market and economic trends; (ii) expected sales pace and cancellation rates based on local housing market conditions, competition and historical trends; (iii) costs expended to date and expected to be incurred including, but not may Many assumptions are interdependent and a change in one may may If a real estate asset is deemed impaired, the impairment is calculated by determining the amount the asset's carrying value exceeds its fair value in accordance with ASC 820. not three six June 30, 2021, three six June 30, 2020, 4. three six June 30, 2021 2020 Capitalization of Interest We follow the practice of capitalizing interest to real estate inventories during the period of development and to investments in unconsolidated joint ventures, when applicable, in accordance with ASC 835, Interest 835" third third 835, Business Combinations We account for business combinations in accordance with ASC Topic 805, Business Combinations 805" February 26, 2021, 805. 4, Following the consummation of the Epic Acquisition, the Company repaid approximately $23.8 million of the Epic Companies’ third Goodwill In accordance with ASC Topic 350, Intangibles-Goodwill and Other 350” not September 30 not not In conjunction with the Company's Epic Acquisition during the 2021 first June 30, 2021. June 30, 2021, no not Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers 606" 606, five 606: Home Sales and Profit Recognition In accordance with ASC 606, not Land Sales and Profit Recognition In accordance with ASC 606, may may not Fee Building The Company enters into fee building agreements to provide services whereby it builds homes on behalf of third third third third 606, The Company also provides construction management and coordination services and sales and marketing services as part of agreements with third 606. may 606. The Company’s fee bui lding revenues have historically been concentrated with a small number of customers. For the three six June 30, 2021 2020 , one customer co pri third June 30, 2021 December 31, 2020 one Variable Interest Entities The Company accounts for variable interest entities in accordance with ASC 810, Consolidation 810" 810, not not not not Once we consider the sufficiency of equity and voting rights of each legal entity, we then evaluate the characteristics of the equity holders' interests, as a group, to see if they qualify as controlling financial interests. Our real estate joint ventures consist of limited partnerships and limited liability companies. For entities structured as limited partnerships or limited liability companies, our evaluation of whether the equity holders (equity partners other than us in each our joint ventures) lack the characteristics of a controlling financial interest includes the evaluation of whether the limited partners or non-managing members (the non-controlling equity holders) lack both substantive participating rights and substantive kick-out rights, defined as follows: • Participating rights - provide the non-controlling equity holders the ability to direct significant financial and operational decision made in the ordinary course of business that most significantly influence the entity's economic performance. • Kick-out rights - allow the non-controlling equity holders to remove the general partner or managing member without cause. If we conclude that any of the three If an entity is deemed to be a VIE pursuant to ASC 810, Under ASC 810, may not may not may June 30, 2021 As of June 30, 2021 December 31, 2020 not 810, Non-controlling Interest During 2013, third 810, not third 2020, June 30, 2021 December 31, 2020 third $0 Investments in Unconsolidated Joint Ventures We use the equity method to account for investments in homebuilding and land development joint ventures when any of the following situations exist: 1 not 2 not 3 As of June 30, 2021 none Under the equity method, we recognize our proportionate share of earnings and losses generated by the joint venture upon the delivery of lots or homes to third third 230, Statement of Cash Flows 230" We review real estate inventory held by our unconsolidated joint ventures for impairment on a quarterly basis, consistent with how we review our real estate inventories as described in more detail above in the section entitled "Real Estate Inventories and Cost of Sales." We also review our investments in and advances to unconsolidated joint ventures for evidence of other-than-temporary declines in value in accordance with ASC 820. not three six June 30, 2021 2020 arges of illion, Selling and Marketing Expense Costs incurred for tangible assets directly used in the sales process such as our sales offices, design studios and model landscaping and furnishings are capitalized to other assets in the accompanying condensed consolidated balance sheets under ASC 340, Other Assets and Deferred Costs 340" 30 Warranty and Litigation Accruals We offer warranties on our homes that generally cover various defects in workmanship or materials, or structural construction defects for one two third While our subcontractors who perform our homebuilding work generally provide us with an indemnity for claims relating to their workmanship and materials, we also purchase general liability insurance that covers development and construction activity at each of our communities. Our subcontractors are usually covered by these programs through an owner-controlled insurance program, or "OCIP." Consultants such as engineers and architects are generally not not Contracts and Accounts Receivable Contracts and accounts receivable primarily represent the fees earned, but not not not June 30, 2021 December 31, 2020 no Property, Equipment and Capitalized Selling and Marketing Costs Property, equipment and capitalized selling and marketing costs are recorded at cost and included in other assets in the accompanying condensed consolidated balance sheets. Property and equipment are depreciated to general and administrative expenses using the straight-line method over their estimated useful lives ranging from three five Income Taxes Income taxes are accounted for in accordance with ASC 740, Income Taxes 740" Each quarter we assess our deferred tax asset to determine whether all or any portion of the asset is more likely than not 50% 740. not 740, June 30, 2021 December 31, 2020, not recorde 14 ASC 740 not, not June 30, 2021 no The Company classifies any interest and penalties related to income taxes assessed as part of the provision/benefit for income taxes. As of June 30, 2021 not Stock-Based Compensation We account for share-based awards in accordance with ASC 718, Compensation – Stock Compensation 718" 718 718 Share Repurchase and Retirement When shares are retired, the Company’s policy is to allocate the excess of the repurchase price over the par value of shares acquired to both retained earnings and additional paid-in capital. The portion allocated to additional paid-in capital is determined by applying a percentage, which is determined by dividing the number of shares to be retired by the number of shares issued, to the balance of additional paid-in capital as of the retirement date. The residual, if any, is allocated to retained earnings as of the retirement date. During the three six June 30, 2021, d reti shares o urchase price of $0.2 million and $ 1.0 million, respectively. During the three six June 30, 2020, June 30, 2021 Repurchases from January 1, 2021 February 16, 2021, March 11, 2021 April 30, 2021 March 20, 2020 May 11, 2020 10b5 1 Tax Benefit Preservation Plan On May 8, 2020, 2020 five not May 7, 2021; March 2021, March 29, 2021. March 29, 2021 no Dividends No three six June 30, 2021 2020 not not Recently Issued Accounting Standards In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 ("ASU 2016 13" 2019 04, Codification Improvements to Topic 326, 815, and Topic 825, in April 2019, 2019 05, Financial Instruments - Credit Losses (Topic 326 , in May 2019, 2019 11, Codification Improvements to Topic 326, in November 2019, 2020 02 , Financial Instruments - Credit Losses (Topic 326 and Leases (Topic 842 in February 2020 January 1, 2020, November 2019, 2019 10, Financial Instruments - Credit Losses (Topic 326 815 842 that provides for additional implementation time for smaller reporting companies with the standard being effective for fiscal years beginning after December 15, 2022, not 2016 13 January 1, 2021, not In December 2019, 2019 12, Income Taxes (Topic 740 Simplifying the Accounting for Income Taxes ("ASU 2019 12" December 15, 2020. 2019 12 January 1, 2021 no In January 2020, 2020 01, Investments - Equity Securities (Topic 321 323 815 ("ASU 2020 01" 2020 01 321 323 815. December 31, 2020, 2020 01 January 1, 2021 no In October 2020, 2020 10, Codification Improvements ("ASU 2020 10" 2020 10 December 15, 2020, 2020 10 January 1, 2021 no

Note 2 - Computation of Earning

Note 2 - Computation of Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Earnings Per Share [Text Block]	2. The following table sets forth the components used in the computation of basic and diluted earnings (loss) per share for the three six June 30, 2021 2020 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in thousands, except per share amounts) Numerator: Net income (loss) $ 4,774 $ (24,293 ) $ 5,327 $ (32,769 ) Denominator: Basic weighted-average shares outstanding 18,075,687 18,341,549 18,092,259 19,146,687 Effect of dilutive shares: Stock options and unvested restricted stock units 370,328 — 339,017 — Diluted weighted-average shares outstanding 18,446,015 18,341,549 18,431,276 19,146,687 Basic earnings (loss) per share $ 0.26 $ (1.32 ) $ 0.29 $ (1.71 ) Diluted earnings (loss) per share $ 0.26 $ (1.32 ) $ 0.29 $ (1.71 ) Antidilutive stock options and unvested restricted stock units not included in diluted earnings (loss) per share 1,204,108 1,897,100 1,220,695 1,841,463

Note 3 - Contracts and Accounts

Note 3 - Contracts and Accounts Receivable	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	3. Contracts and accounts receivable consist of the following: June 30, December 31, 2021 2020 (Dollars in thousands) Contracts receivable: Costs incurred on fee building projects $ 9,691 $ 79,583 Estimated earnings 196 1,420 9,887 81,003 Less: amounts collected during the period (7,802 ) (77,861 ) Contracts receivable $ 2,085 $ 3,142 Contracts receivable: Billed $ — $ — Unbilled 2,085 3,142 2,085 3,142 Accounts receivable: Escrow receivables 2,028 1,782 Other receivables 388 — Contracts and accounts receivable $ 4,501 $ 4,924 Billed contracts receivable represent amounts billed to customers that have yet to be collected. Unbilled contracts receivable represents the contract revenue recognized but not June 30, 2021 30 June 30, 2021 December 31, 2020 d e

Note 4 - Real Estate Inventorie

Note 4 - Real Estate Inventories	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Real Estate Disclosure [Text Block]	4. Real estate inventories are summarized as follows: June 30, December 31, 2021 2020 (Dollars in thousands) Deposits and pre-acquisition costs $ 18,246 $ 12,202 Land held and land under development 115,099 127,807 Homes completed or under construction 196,788 133,567 Model homes 28,140 41,381 $ 358,273 $ 314,957 All of our deposits and pre-acquisition costs are nonrefundable, except for refundable deposits of $0.5 million and $0.1 million as of June 30, 2021 December 31, 2020 Land held and land under development includes land costs and costs incurred during site development such as development, indirects, and permits. Homes completed or under construction and model homes include all costs associated with home construction, including allocated land, development, indirects, permits, materials and labor (except for capitalized selling and marketing costs, which are classified in other assets). During the 2021 first 805. 805, may 15. In addition, we incurred approximately $1.0 million of transaction costs related to the Epic Acquisition, which are included in general and administrative expenses in the accompanying condensed consolidated statements of operations. Following the consummation of the Epic Acquisition, the Company repaid approximately $23.8 million of the Epic Companies’ third June 30, 2021, may one 805 January 1, 2020 not not June 30, 2021 2020. In accordance with ASC 360, not three six June 30, 2021, three six June 30, 2020, three six June 30, 2021 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in thousands) Inventory impairments: Home sales $ — $ 19,000 $ — $ 19,000 Total inventory impairments $ — $ 19,000 $ — $ 19,000 Remaining carrying value of inventory impaired at period end $ — $ 79,033 $ — $ 79,033 Number of projects impaired during the period — 5 — 5 Total number of projects subject to periodic impairment review during period (1) 31 27 31 27 ( 1 Represents the peak number of real estate projects that we had during each respective period. The number of projects outstanding at the end of each period may The $17.8 million in California home sales impairments recorded in the 2020 second four During the 2020 first , the Company decided to abandon the future acquisition, development, construction and sale of future phases of the project that were under option. In accordance with ASC 970 360 40 1, not six June 30, 2020, the Company recorded an abandonment charge of $14.0 million representing the capitalized costs that had accumulated related to the portion of the project that was abandoned. This charge is included within project abandonment costs in the accompanying condensed consolidated statements of operations.

Note 5 - Capitalized Interest

Note 5 - Capitalized Interest	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Capitalized Interest [Text Block]	5. Interest is capitalized to inventory and investment in unconsolidated joint ventures during development and other qualifying activities. Interest capitalized as a cost of inventory is included in cost of sales as related homes and land parcels are closed. Interest capitalized to investment in unconsolidated joint ventures is amortized to equity in net income (loss) of unconsolidated joint ventures as related joint venture homes or lots close, or in instances where lots are sold from the unconsolidated joint venture to the Company, the interest is added to the land basis and included in cost of sales when the related lots or homes are sold to third not three six June 30, 2021 2020 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in thousands) Interest incurred $ 5,751 $ 6,150 $ 11,082 $ 12,530 Interest capitalized to inventory (5,660 ) (4,879 ) (10,637 ) (10,541 ) Interest expensed $ 91 $ 1,271 $ 445 $ 1,989 Capitalized interest in beginning inventory $ 23,003 $ 25,152 $ 22,053 $ 26,397 Interest capitalized as a cost of inventory 5,660 4,879 10,637 10,541 Previously capitalized interest included in cost of home and land sales (5,616 ) (4,601 ) (9,643 ) (10,747 ) Previously capitalized interest included in project abandonment costs — — — (761 ) Capitalized interest in ending inventory $ 23,047 $ 25,430 $ 23,047 $ 25,430 Capitalized interest in beginning investment in unconsolidated joint ventures $ — $ 93 $ — $ 541 Previously capitalized interest included in equity in net income (loss) of unconsolidated joint ventures — (31 ) — (479 ) Capitalized interest in ending investment in unconsolidated joint ventures — 62 — 62 Total capitalized interest in ending inventory and investments in unconsolidated joint ventures $ 23,047 $ 25,492 $ 23,047 $ 25,492 Capitalized interest as a percentage of inventory 6.4 % 6.9 % 6.4 % 6.9 % Interest included in cost of home sales as a percentage of home sales revenue 4.1 % 6.0 % 4.2 % 6.2 % Capitalized interest as a percentage of investment in unconsolidated joint ventures — % 0.5 % — % 0.5 % For the six June 30, 2020, the Company expensed $0.8 million in interest previously capitalized due to the abandonment of the future phases of one 4. For the six June 30, 2020, the Company expensed $0.4 million in interest previously capitalized to investments in unconsolidated joint ventures as the result of an other-than-temporary impairment to its investment in one 6.

Note 6 - Investments in Unconso

Note 6 - Investments in Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	6. As of June 30, 2021 December 31, 2020 nine June 30, December 31, 2021 2020 (Dollars in thousands) Cash and cash equivalents $ 14,422 $ 16,709 Restricted cash 250 611 Real estate inventories — 3,172 Other assets 1,023 1,834 Total assets $ 15,695 $ 22,326 Accounts payable and accrued liabilities $ 12,624 $ 13,487 Notes payable — — Total liabilities 12,624 13,487 The New Home Company's equity (1) 769 2,107 Other partners' equity 2,302 6,732 Total equity 3,071 8,839 Total liabilities and equity $ 15,695 $ 22,326 ( 1 Balance represents the Company's interest, as reflected in the financial records of the respective joint ventures. The condensed combined statements of operations for our unconsolidated joint ventures accounted for under the equity method were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in thousands) Revenues $ — $ 30,290 $ 5,353 $ 61,937 Cost of sales and expenses — 28,672 5,152 58,957 Net income of unconsolidated joint ventures $ — $ 1,618 $ 201 $ 2,980 Equity in net income (loss) of unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations $ — $ (19,962 ) $ 174 $ (21,899 ) The Company reviews its investments in unconsolidated joint ventures for other-than-temporary declines in value . three six June 30, 2021 2020, 2020 second 19 not 1 third 2020 fourth 2020 second 2020 2020 first 2020 third $5.1 million fo 30% As a smaller reporting company, the Company is subject to the provisions of Rule 8 03 3 X 20% three six June 30, 2020, one 20% three six June 30, 2021, no 20% three six June 30, 2021 2020 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in thousands) Revenues $ — $ — $ 504 $ — Cost of home and land sales — — — — Gross margin $ — $ — $ 504 $ — Expenses — 58 — 345 Net income (loss) $ — $ (58 ) $ 504 $ (345 ) Equity in net income (loss) of unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations (1) $ — $ (20,000 ) $ 252 $ (20,000 ) ( 1 Balance represents equity in net income (loss) of unconsolidated joint ventures included in the statements of operations related to the Company's investment in the unconsolidated joint ventures. The balance may In the above table, the Company's net losses for the three six June 30, 2020 For the three six June 30, 2021 2020 12.

Note 7 - Other Assets

Note 7 - Other Assets	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Other Assets Disclosure [Text Block]	7. Other assets consist of the following: June 30, December 31, 2021 2020 (Dollars in thousands) Capitalized selling and marketing costs, net (1) $ 5,076 $ 5,895 Prepaid income taxes (2) 25,465 27,866 Insurance receivable (3) 5,166 4,816 Warranty insurance receivable (4) 2,960 2,480 Prepaid expenses 6,566 6,331 Right-of-use lease assets 2,670 2,997 Goodwill 2,000 — Other 360 318 $ 50,263 $ 50,703 ( 1 Capitalized selling and marketing costs includes costs incurred for tangible assets directly used in the sales process such as our sales offices, design studios and model furnishings, and also includes model landscaping costs . The Company depreciated $1.4 million, $2.6 million, $1.7 million and $3.5 million of capitalized selling and marketing costs to selling and marketing expenses during the three six June 30, 2021 2020 ( 2 The amount at June 30, 2021 ly $25.3 million ( 3 At December 31, 2020, ompany recorded insurance receivables of $4.8 million which was related to expected insurance reimbursements for $1.0 million in litigation reserves related to one six June 30, 2021 , the claim-specific litigation reserve was increased by 8. ( 4 During the three six June 30, 2021 , the Company adjusted its warranty insurance receivable upwa g the six June 30, 2021, three six June 30, 2020,

Note 8 - Accrued Expenses and O

Note 8 - Accrued Expenses and Other Liabilities	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Accrued Expenses and Other Liabilities [Text Block]	8. Accrued expenses and other liabilities consist of the following: June 30, December 31, 2021 2020 (Dollars in thousands) Warranty accrual (1) $ 7,632 $ 7,276 Litigation reserves (2) 7,078 5,641 Accrued interest 4,305 3,172 Accrued compensation and benefits 6,198 7,106 Completion reserve 4,655 5,683 Customer deposits 10,281 2,898 Lease liabilities 2,886 3,180 Other accrued expenses 3,057 1,254 $ 46,092 $ 36,210 ( 1 Included in the amount at June 30, 2021 December 31, 2020 ely $3.0 million ( 2 At December 31, 2020, related to construction defect claim reserves which consisted of $1.0 million for a claim-specific reserve and $4.6 million for IBNR construction defect claims. During the six June 30, 2021, six June 30, 2021, We maintain general liability insurance designed to protect us against a portion of our risk of loss from construction-related warranty and construction defect claims. Our master general liability policies which cover most of our projects allow for our warranty spend to erode our self-insured retention requirements. We establish and track separately our warranty accrual and litigation reserves for both known and IBNR construction defect claims. Our warranty accrual and litigation reserves for construction defect claims are presented on a gross basis within accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets without consideration of insurance recoveries. Expected recoveries from insurance carriers are tracked separately between warranty insurance receivables and insurance receivables related to litigated claims and are presented within other assets in the accompanying condensed consolidated balance sheets. Our warranty accrual and related estimated insurance recoveries are based on historical warranty claim and expense data, and expected recoveries from insurance carriers are recorded based on actual insurance claims and amounts determined using our warranty accrual estimates, our insurance policy coverage limits for the applicable policy years and historical recovery rates. Our litigation reserves for both known and IBNR future construction defect claims based on historical claim and expense data, and expected recoveries from insurance carriers are recorded based on actual insurance claims and amounts determined using our construction defect claim accrual estimates, our insurance policy coverage limits for the applicable policy years and historical recovery rates. Because of the inherent uncertainty and variability in these assumptions, our actual costs and related insurance recoveries could differ significantly from amounts currently estimated. Changes in our warranty accrual are detailed in the table set forth below: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in thousands) Beginning warranty accrual for homebuilding projects $ 7,431 $ 6,836 $ 7,269 $ 7,195 Warranty provision for homebuilding projects 664 357 1,129 778 Warranty payments for homebuilding projects (845 ) (481 ) (1,551 ) (1,261 ) Adjustment to warranty accrual (1) 375 — 778 — Ending warranty accrual for homebuilding projects 7,625 6,712 7,625 6,712 Beginning warranty accrual for fee building projects 7 28 7 28 Warranty provision for fee building projects — — — — Warranty efforts for fee building projects — — — — Ending warranty accrual for fee building projects 7 28 7 28 Total ending warranty accrual $ 7,632 $ 6,740 $ 7,632 $ 6,740 ( 1 During the three six June 30, 2021, ncrease its warranty accrual for homebuilding projects. The Company also recorded a corresponding increase of the same amount to its warranty insurance receivable included in other assets in the condensed consolidated balance sheets at June 30, 2021. six June 30, 2021

Note 9 - Senior Notes and Unsec

Note 9 - Senior Notes and Unsecured Revolving Credit Facility	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Debt Disclosure [Text Block]	9. Indebtedness consisted of the following: June 30, December 31, 2021 2020 (Dollars in thousands) 7.25% Senior Notes due 2025, net $ 280,579 $ 244,865 Unsecured revolving credit facility — — Total Indebtedness $ 280,579 $ 244,865 2022 On March 17, 2017, 2022 "2022 May 4, 2017, 2022. During the three June 30, 2020, 2022 2022 six June 30, 2020 2022 three six June 30, 2020, 2022 As discussed below, the 2022 November 12, 2020. 2025 On October 28, 2020, 2025 2025 144A 1933 2025 2025 2022 rest to the redemption date. On February 24, 2021, 2025 2025 2025 "2025 2025 6.42 7%. 2025 June 30, 2021 2025 December 31, 2020 2025 2025 April 15 October 15 April 15, 2021. 2025 October 15, 2025. The 2025 not 1 2 3 not January 1, 2021 investments, sell assets, incur liens, create certain restrictions on the ability of restricted subsidiaries to pay dividends or to transfer assets, enter into transactions with affiliates, create unrestricted subsidiaries, and consolidate, merge or sell all or substantially all of its assets. These covenants are subject to a number of exceptions and qualifications as set forth in the Indenture. On or after October 15, 2022, may 2025 not 15 60 12 October 15 Year Redemption Price 2022 103.625% 2023 101.813% 2024 100.000% In addition, any time prior to October 15, 2022, may, one 2025 may not 40% 2025 may one If the Company experiences a change of control triggering event (as described in the Indenture), holders of the 2025 2025 2025 2025 no 2025 2025 The 2025 2025 2025 2025 1 no 2 3 not not no 4 5 not 6 may The New Home Company Inc. operates as a holding company and all of its homebuilding construction, fee building, development and sales activities are conducted through its subsidiaries. At June 30, 2021 December 31, 2020, 100% no 15. Credit Facility On October 30, 2020, April 30, 2023. may June 30, 2021 December 31, 2020, no Amounts outstanding under the Credit Agreement accrue interest at a rate equal to either, at the Company’s election, LIBOR plus a margin of 3.50% to 4.50% per annum, or base rate plus a margin of 2.50% to 3.50%, in each case depending on the Company’s leverage ratio. As of June 30, 2021, was 5.00% The coven not June 30, 2020, ( not no 1 not not 12 June 30, 2021, The Credit Facility also provides for a $30.0 million s ublimit for letters of credit, subject to conditions set forth in the Credit Agreement. As of June 30, 2021 December 31, 2020 no llion and $1.5 million as of June 30, 2021 December 31, 2020, Other Notes Payable On April 15, 2020, April 23, 2020, April 24, 2020, In conjunction with the Epic Acquisition during the 2021 first third February 2021. 2021 first

Note 10 - Fair Value Disclosure

Note 10 - Fair Value Disclosures	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Fair Value Disclosures [Text Block]	10. ASC 820 three • Level 1 • Level 2 • Level 3 one Fair Value of Financial Instruments The following table presents an estimated fair value of the Company's 2025 2025 2 June 30, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in thousands) 7.25% Senior Notes due 2025, net (1) $ 280,579 $ 299,963 $ 244,865 $ 256,875 ( 1 The carrying value for the 2025 June 30, 2021 , is net of $5.4 2025 December 31, 2020 emium and debt issuance costs are not The Company considers the carrying value of cash and cash equivalents, restricted cash, contracts and accounts receivable, accounts payable, and accrued expenses and other liabilities to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization. The fair value of amounts due from affiliates is not Non-Recurring Fair Value Adjustments Nonfinancial assets and liabilities include items such as real estate inventory and long-lived assets that are measured at cost when acquired and adjusted for impairment to fair value, if deemed necessary. For the three six June 30, 2020, five 3 4. For the three six June 30, 2020, 2020 second 2020 first 2020 third 2020 fourth 2020 2 3

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	11. From time-to-time, the Company is involved in various legal matters arising in the ordinary course of business, including warranty and construction defect litigation. These claims and legal proceedings are of a nature that we believe are normal and incidental to a homebuilder. We make provisions for loss contingencies when they are probable and the amount of the loss can be reasonably estimated. Such provisions are assessed at least quarterly and adjusted to reflect the impact of any settlement negotiations, judicial and administrative rulings, advice of legal counsel, and other information and events pertaining to a particular case. At December 31, 2020, hich consisted of $1.0 million for a claim-specific reserve and $4.6 million for IBNR construction defect claims. During the six June 30, 2021, June 30, 2021. December 31, 2020, six June 30, 2021, n to offset the claim-specific reserve adjustment made to the litigation reserve during the quarter resulting in a to surance receivable at June 30, 2021. 1, 7 8 As an owner and developer of real estate, the Company is subject to various environmental laws of federal, state and local governments. The Company is not We obtain surety bonds in the normal course of business to ensure completion of certain infrastructure improvements of our projects. As of June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 third not The Company accounts for contracts deemed to contain a lease under ASC 842, Leases one not June 30, 2021 December 31, 2020. June 30, 2021 December 31, 2020. For the three six June 30, 2021 2020 one Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in thousands) Lease cost: Lease costs included in general and administrative expenses $ 266 $ 314 $ 526 $ 625 Lease costs included in real estate inventories 90 111 153 208 Lease costs included in selling and marketing expenses 28 59 57 98 Net lease cost (1) $ 384 $ 484 $ 736 $ 931 Other Information: Lease cash flows (included in operating cash flows) (1) $ 373 $ 518 $ 671 $ 1,016 ( 1 Amount does not one imate and $0.1 million for three six June 30, 2021 2020, one $5 9,000 $118,000 for the three six June 30, 2021 2020 , respectively. Future lease payments under our operating leases are as follows (dollars in thousands): Remaining for 2021 $ 611 2022 773 2023 631 2024 588 2025 479 Thereafter — Total lease payments (1) $ 3,082 Less: Interest (2) 196 Present value of lease liabilities (3) $ 2,886 ( 1 Lease payments include options to extend lease terms that are reasonably certain of being exercised. ( 2 Our leases do not no not June 30, 2021 December 31, 2020. ( 3 The weighted average remaining lease term and weighted average incremental borrowing rate used in calculating our lease liabil ities ears and 4.7 % , resp June 30, 2021

Note 12 - Related Party Transac

Note 12 - Related Party Transactions	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	12. During the three six June 30, 2021 2020 June 30, 2021 December 31, 2020 $0 .1 The Company has entered into agreements with its unconsolidated joint ventures to provide management services related to the underlying projects (collectively referred to as the "Management Agreements"). Pursuant to the Management Agreements, the Company three six June 30, 2021 2020 June 30, 2021 December 31, 2020 anagement fees are included in due from affiliates in the accompanying condensed consolidated balance sheets. One member of the Company's board of directors beneficially owns more than 10% of the Company's outstanding common stock through an affiliated entity, IHP Capital Partners VI, LLC ("IHP"), and is also affiliated with entities that have investments in two two s mil June 30, 2021 December 31, 2020 2020 second 2020 second 2 3, third 2020 fourth 2020 second 1 no 50% 50% In its ordinary course of business, the Company enters into agreements to purchase lots from unconsolidated land development joint ventures of which it is a member. In accordance with ASC 360 20, Property, Plant and Equipment - Real Estate Sales third no June 30, 2021 December 21, 2020, $0.1 The Company’s land purchase agreement with Cannery provides for reimbursements of certain fee credits. During the three six June 30, 2021, not three six June 30, 2020. June 30, 2021 December 31, 2020 On June 18, 2015, June 26, 2015 ( 10 $5,000 per month through June 26, 2019 one $1,000 June 26, 2020 June 26, 2021 one $1,000 June 30, 2021 no On February 14, 2019, March 1, 2019. sated $10,000 pe The agreement originally was set to expire on March 1, 2020 May 1, 2021 month to month At June 30, 2021 , no During 2018, December 31, 2019, no 2020. six June 30, 2021 2020, June 30, 2021 December 31, 2020, three six June 30, 2021 2020, In the first 2018, 2018, 2020 third 2020, three six June 30, 2021 2020, fourth 2018, second December 31, 2020, three six June 30, 2021 2020, The Company sold its interest in the Bedford joint venture to its partner during the 2020 third During the six June 30, 2020, the Company recorded a $2.3 million other-than-temporary impairment charge to its investment in the Bedford joint venture reflecting the expected sale of its joint venture investment for less than its current carrying value. The sale agreement, among other things, allowed for a continuation of the Company's option to purchase at market up to 30% of the total lots from the joint venture.

Note 13 - Stock-based Compensat

Note 13 - Stock-based Compensation	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	13. The Company's 2014 "2014 January 2014. 2014 2014 tenth The number of shares of our common stock authorized to be issued under the 2014 2014 not 2014 At our 2016 2016 "2016 2016 2016 May 22, 2018, 2016 May 18, 2021, 2016 April 4, 2028 May 18, 2031. The Company has issued stock option and restricted stock unit awards under the 2014 awards under the 2016 June 30, 2021 hares r emain available for grant under the 2014 sha 2016 may not one three ten A summary of the Company’s common stock option activity as of and for the six June 30, 2021 2020 Six Months Ended June 30, 2021 2020 Number of Shares Weighted-Average Exercise Price per Share Number of Shares Weighted-Average Exercise Price per Share Outstanding Stock Option Activity Outstanding, beginning of period 1,220,695 $ 9.18 1,068,017 $ 9.78 Granted — $ — 161,479 $ 5.36 Exercised — $ — — $ — Forfeited — $ — — $ — Outstanding, end of period 1,220,695 $ 9.18 1,229,496 $ 9.20 Exercisable, end of period 1,029,950 $ 9.86 901,829 $ 10.52 A summary of the Company’s restricted stock unit activity as of and for the six June 30, 2021 2020 Six Months Ended June 30, 2021 2020 Number of Shares Weighted-Average Grant-Date Fair Value per Share Number of Shares Weighted-Average Grant-Date Fair Value per Share Restricted Stock Unit Activity Outstanding, beginning of period 704,890 $ 5.11 592,116 $ 6.36 Granted 432,617 $ 5.50 358,869 $ 4.78 Vested (279,678 ) $ 5.47 (244,812 ) $ 7.61 Forfeited (5,833 ) $ 5.46 (428 ) $ 11.68 Outstanding, end of period 851,996 $ 5.19 705,745 $ 5.12 The expense related to the Company's stock-based compensation programs, included in general and administrative expense in the accompanying condensed consolidated statements of operations, was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in thousands) Expense related to: Stock options $ 77 $ 81 $ 168 $ 145 Restricted stock units 536 440 1,090 965 $ 613 $ 521 $ 1,258 $ 1,110 The following table presents details of the assumptions used to calculate the weighted-average grant date fair value of common stock options granted by the Company in each period: Six Months Ended June 30, 2021 2020 Expected term (in years) N/A 6.0 Expected volatility N/A 41.8 % Risk-free interest rate N/A 1.4 % Expected dividends N/A — Weighted-average grant date fair value per share N/A $ 2.24 We used the "simplified method" to establish the expected term of the common stock options granted by the Company. Our restricted stock unit awards are valued based on the closing price of our common stock on the date of grant. Compensation expense for restricted stock unit awards is recognized using the straight-line method over the requisite service period. Forfeitures are recognized in compensation cost during the period that the award forfeiture occurs. At June 30, 2021, 2024 may

Note 14 - Income Taxes

Note 14 - Income Taxes	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Income Tax Disclosure [Text Block]	14. For the three six June 30, 2021, six June 30, 2021. three six June 30, 2021, For the three six June 30, 2020. three six June 30, 2020, 35% 2020 three June 30, 2020 March 27, 2020. six June 30, 2020 2020 first 2018 2020 five three six June 30, 2020, 21% 35% The components of our deferred tax asset, net are as follows: June 30, December 31, 2021 2020 (Dollars in thousands) Net operating loss carryforwards $ 5,808 $ 5,808 Tax credit carryforwards 2,202 2,401 Reserves and accruals 2,875 2,870 Share based compensation 1,524 1,441 Inventory 2,147 3,142 Investments in joint ventures 963 1,226 Other 180 26 Depreciation and amortization (657 ) (653 ) Right-of-use lease asset (774 ) (814 ) Deferred tax asset, net $ 14,268 $ 15,447

Note 15 - Segment Information

Note 15 - Segment Information	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	15. The Company’s operations are organiz ed into four three 280. Our homebuilding operations acquire and develop land and construct and sell single-family attached and detached homes and may third no velopment, sales or land acquisition activities, our corporate operations develop and implement strategic initiatives and support our operating segments by centralizing key administrative functions such as accounting, finance and treasury, information technology, insurance and risk management, litigation, marketing and human resources. A portion of the expenses incurred by corporate are allocated to the fee building segment primarily based on its respective percentage of revenues and to each homebuilding segment based on its respective investment in unconsolidated joint ventures and real estate inventories balances. The majority o Corporate unallocated assets consists primarily of cash and cash equivalents, prepaid income taxes and our deferred tax asset. For cash management efficiency and yield maximization reasons, cash is held at the corporate level. All cash is held for the benefit of the subsidiaries that comprise the homebuilding and fee building segments, and all operating cash flow is generated by these subsidiaries. The majority of our prepaid taxes and deferred tax asset are recorded at the corporate level as The New Home Company Inc. is the tax-filing entity for the subsidiaries structured as pass-through entities. Taxable income or loss and the resulting payment of income taxes is driven by the activities of the Company's subsidiaries. All other corporate assets comprise less than 3% The reportable segments follow the same accounting policies as our consolidated financial statements described in Note 1. not Financial information relating to reportable segments was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in thousands) Homebuilding revenues: California home sales $ 101,917 $ 71,597 $ 185,131 $ 154,877 California land sales — 10 — 157 Arizona home sales 18,366 6,160 26,064 18,539 Colorado home sales 15,657 — 18,600 — Total homebuilding revenues 135,940 77,767 229,795 173,573 Fee building revenues, including management fees 4,586 21,193 9,887 57,420 Total revenues $ 140,526 $ 98,960 $ 239,682 $ 230,993 Homebuilding pretax income (loss): California $ 7,198 $ (38,238 ) $ 11,085 $ (42,689 ) Arizona (730 ) (3,192 ) (2,353 ) (17,884 ) Colorado (1) (440 ) — (1,804 ) — Total homebuilding pretax income (loss) 6,028 (41,430 ) 6,928 (60,573 ) Fee building pretax income, including management fees 92 208 196 938 Total pretax income (loss) $ 6,120 $ (41,222 ) $ 7,124 $ (59,635 ) June 30, December 31, 2021 2020 (Dollars in thousands) Homebuilding assets: California $ 287,008 $ 295,340 Arizona 82,484 70,457 Colorado 75,289 — Total homebuilding assets 444,781 365,797 Fee building assets 2,574 3,756 Corporate unallocated assets 98,131 126,146 Total assets $ 545,486 $ 495,699 ( 1 Includes $1.0 million of transaction costs, $0.8 million of which was tail insurance premiums and $0.2 million in professional fees, related to the acquisition of Epic Homes that were expensed in the period of acquisition during the 2021 first three six June 30, 2021,

Note 16 - Supplemental Disclosu

Note 16 - Supplemental Disclosure of Cash Flow Information	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	16. The following table presents certain supplemental cash flow information: Six Months Ended June 30, 2021 2020 (Dollars in thousands) Supplemental disclosures of cash flow information Interest paid, net of amounts capitalized $ — $ 1,398 Income taxes paid $ 185 $ — Proceeds from income tax refunds $ (1,981) $ (208) Supplemental disclosures of non-cash transactions Assets acquired related to business combination, net of cash acquired $ 33,326 $ — Liabilities assumed and incurred related to business combination, net of $280 PPP loan forgiven $ 33,046 $ —

Note 17 - Subsequent Events

Note 17 - Subsequent Events	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Subsequent Events [Text Block]	17. On July 23, 2021, Our Board of Directors (the “Board”) has unanimously determined that the transactions contemplated by the Merger Agreement, including the Offer and the Merger (as defined below), are advisable, fair to and in the best interests of the Company and our stockholders, and approved the Merger Agreement and the transactions contemplated thereby, and recommended that our stockholders accept the Offer and tender their shares of our common stock in the Offer. The Offer, once commenced, will initially remain open for a minimum of 20 not one 5 three 5 not 2025 not 2025 may, three 5 Upon the consummation of the Offer, Merger Sub will merge with and into us (the “Merger”) pursuant to Section 251 Merger Sub’s obligation to purchase the shares of our common stock validly tendered and not not The Merger Agreement contains customary representations, warranties, covenants and termination rights in favor of each of us and Parent. Upon termination of the Merger Agreement under specified circumstances, we will be required to pay Parent a termination fee of $4.76 million. The Merger Agreement also provides that Parent will be required to pay us a reverse termination fee of $15.0 million upon termination of the Merger Agreement under specified circumstances.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts have been eliminated upon consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10 X 10 December 31, 2020 not tors, such as the effects of the novel coronavirus ("COVID- 19" Unless the context otherwise requires, the terms "we", "us", "our" and "the Company" refer to the Company and its wholly owned subsidiaries, on a consolidated basis.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying condensed consolidated financial statements and notes. Accordingly, actual results could differ materially from these estimates.
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassifications No
Segment Reporting, Policy [Policy Text Block]	Segment Reporting Accounting Standards Codification ("ASC") 280, Segment Reporting ("ASC 280" 280,
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents We define cash and cash equivalents as cash on hand, demand deposits with financial institutions, and short term liquid investments with a maturity date of less than three
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash Restricted cash of $22,000 and $0.2 million as of June 30, 2021 December 31, 2020 The table below shows the line items and amounts of cash and cash equivalents and restricted cash as reported within the Company's condensed consolidated balance sheets for each period shown that sum to the total of the same such amounts at the end of the periods shown in the accompanying condensed consolidated statements of cash flows. Six Months Ended June 30, 2021 2020 (Dollars in thousands) Cash and cash equivalents $ 117,329 $ 85,588 Restricted cash 22 144 Total cash, cash equivalents, and restricted cash shown in the statements of cash flows $ 117,351 $ 85,732
Inventory, Real Estate, Policy [Policy Text Block]	Real Estate Inventories and Cost of Sales We capitalize pre-acquisition, land, development and other allocated costs, including interest, property taxes and indirect construction costs. Pre-acquisition costs, including nonrefundable land deposits, are expensed to project abandonment costs if we determine continuation of the prospective project is not Land, development and other common costs are typically allocated to real estate inventories using a methodology that approximates the relative-sales-value method. Home construction costs per production phase are recorded using the specific identification method. Cost of sales for homes closed includes the estimated total construction costs of each home at completion and an allocation of all applicable land acquisition, land development and related common costs (both incurred and estimated to be incurred) based upon the relative-sales-value of the home within each project. Changes in estimated development and common costs are allocated prospectively to remaining homes in the project. In accordance with ASC 360, Property, Plant and Equipment 360" not not If there are indicators of impairment, we perform a detailed budget and cash flow review of the applicable real estate inventories to determine whether the estimated future undiscounted cash flows of the project are more or less than the asset’s carrying value. If the estimated future undiscounted cash flows exceed the asset’s carrying value, no 820, Fair Value Measurements and Disclosures 820" When estimating undiscounted future cash flows of a project, we make various assumptions, including: (i) expected sales prices and sales incentives to be offered, including the number of homes available, pricing and incentives being offered by us or other builders in other projects, and future sales price adjustments based on market and economic trends; (ii) expected sales pace and cancellation rates based on local housing market conditions, competition and historical trends; (iii) costs expended to date and expected to be incurred including, but not may Many assumptions are interdependent and a change in one may may If a real estate asset is deemed impaired, the impairment is calculated by determining the amount the asset's carrying value exceeds its fair value in accordance with ASC 820. not three six June 30, 2021, three six June 30, 2020, 4. three six June 30, 2021 2020
Interest Capitalization, Policy [Policy Text Block]	Capitalization of Interest We follow the practice of capitalizing interest to real estate inventories during the period of development and to investments in unconsolidated joint ventures, when applicable, in accordance with ASC 835, Interest 835" third third 835,
Business Combinations Policy [Policy Text Block]	Business Combinations We account for business combinations in accordance with ASC Topic 805, Business Combinations 805" February 26, 2021, 805. 4, Following the consummation of the Epic Acquisition, the Company repaid approximately $23.8 million of the Epic Companies’ third
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill In accordance with ASC Topic 350, Intangibles-Goodwill and Other 350” not September 30 not not In conjunction with the Company's Epic Acquisition during the 2021 first June 30, 2021. June 30, 2021, no not
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers 606" 606, five 606: Home Sales and Profit Recognition In accordance with ASC 606, not Land Sales and Profit Recognition In accordance with ASC 606, may may not Fee Building The Company enters into fee building agreements to provide services whereby it builds homes on behalf of third third third third 606, The Company also provides construction management and coordination services and sales and marketing services as part of agreements with third 606. may 606. The Company’s fee bui lding revenues have historically been concentrated with a small number of customers. For the three six June 30, 2021 2020 , one customer co pri third June 30, 2021 December 31, 2020 one
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	Variable Interest Entities The Company accounts for variable interest entities in accordance with ASC 810, Consolidation 810" 810, not not not not Once we consider the sufficiency of equity and voting rights of each legal entity, we then evaluate the characteristics of the equity holders' interests, as a group, to see if they qualify as controlling financial interests. Our real estate joint ventures consist of limited partnerships and limited liability companies. For entities structured as limited partnerships or limited liability companies, our evaluation of whether the equity holders (equity partners other than us in each our joint ventures) lack the characteristics of a controlling financial interest includes the evaluation of whether the limited partners or non-managing members (the non-controlling equity holders) lack both substantive participating rights and substantive kick-out rights, defined as follows: • Participating rights - provide the non-controlling equity holders the ability to direct significant financial and operational decision made in the ordinary course of business that most significantly influence the entity's economic performance. • Kick-out rights - allow the non-controlling equity holders to remove the general partner or managing member without cause. If we conclude that any of the three If an entity is deemed to be a VIE pursuant to ASC 810, Under ASC 810, may not may not may June 30, 2021 As of June 30, 2021 December 31, 2020 not 810,
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]	Non-controlling Interest During 2013, third 810, not third 2020, June 30, 2021 December 31, 2020 third $0
Equity Method Investments [Policy Text Block]	Investments in Unconsolidated Joint Ventures We use the equity method to account for investments in homebuilding and land development joint ventures when any of the following situations exist: 1 not 2 not 3 As of June 30, 2021 none Under the equity method, we recognize our proportionate share of earnings and losses generated by the joint venture upon the delivery of lots or homes to third third 230, Statement of Cash Flows 230" We review real estate inventory held by our unconsolidated joint ventures for impairment on a quarterly basis, consistent with how we review our real estate inventories as described in more detail above in the section entitled "Real Estate Inventories and Cost of Sales." We also review our investments in and advances to unconsolidated joint ventures for evidence of other-than-temporary declines in value in accordance with ASC 820. not three six June 30, 2021 2020 arges of illion,
Selling, General and Administrative Expenses, Policy [Policy Text Block]	Selling and Marketing Expense Costs incurred for tangible assets directly used in the sales process such as our sales offices, design studios and model landscaping and furnishings are capitalized to other assets in the accompanying condensed consolidated balance sheets under ASC 340, Other Assets and Deferred Costs 340" 30
Standard Product Warranty, Policy [Policy Text Block]	Warranty and Litigation Accruals We offer warranties on our homes that generally cover various defects in workmanship or materials, or structural construction defects for one two third While our subcontractors who perform our homebuilding work generally provide us with an indemnity for claims relating to their workmanship and materials, we also purchase general liability insurance that covers development and construction activity at each of our communities. Our subcontractors are usually covered by these programs through an owner-controlled insurance program, or "OCIP." Consultants such as engineers and architects are generally not not
Receivable [Policy Text Block]	Contracts and Accounts Receivable Contracts and accounts receivable primarily represent the fees earned, but not not not June 30, 2021 December 31, 2020 no
Property, Plant and Equipment, Policy [Policy Text Block]	Property, Equipment and Capitalized Selling and Marketing Costs Property, equipment and capitalized selling and marketing costs are recorded at cost and included in other assets in the accompanying condensed consolidated balance sheets. Property and equipment are depreciated to general and administrative expenses using the straight-line method over their estimated useful lives ranging from three five
Income Tax, Policy [Policy Text Block]	Income Taxes Income taxes are accounted for in accordance with ASC 740, Income Taxes 740" Each quarter we assess our deferred tax asset to determine whether all or any portion of the asset is more likely than not 50% 740. not 740, June 30, 2021 December 31, 2020, not recorde 14 ASC 740 not, not June 30, 2021 no The Company classifies any interest and penalties related to income taxes assessed as part of the provision/benefit for income taxes. As of June 30, 2021 not
Share-based Payment Arrangement [Policy Text Block]	Stock-Based Compensation We account for share-based awards in accordance with ASC 718, Compensation – Stock Compensation 718" 718 718
Stockholders' Equity, Policy [Policy Text Block]	Share Repurchase and Retirement When shares are retired, the Company’s policy is to allocate the excess of the repurchase price over the par value of shares acquired to both retained earnings and additional paid-in capital. The portion allocated to additional paid-in capital is determined by applying a percentage, which is determined by dividing the number of shares to be retired by the number of shares issued, to the balance of additional paid-in capital as of the retirement date. The residual, if any, is allocated to retained earnings as of the retirement date. During the three six June 30, 2021, d reti shares o urchase price of $0.2 million and $ 1.0 million, respectively. During the three six June 30, 2020, June 30, 2021 Repurchases from January 1, 2021 February 16, 2021, March 11, 2021 April 30, 2021 March 20, 2020 May 11, 2020 10b5 1
Tax Benefit Preservation Plan [Policy Text Block]	Tax Benefit Preservation Plan On May 8, 2020, 2020 five not May 7, 2021; March 2021, March 29, 2021. March 29, 2021 no
Dividends, Policy [Policy Text Block]	Dividends No three six June 30, 2021 2020 not not
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 ("ASU 2016 13" 2019 04, Codification Improvements to Topic 326, 815, and Topic 825, in April 2019, 2019 05, Financial Instruments - Credit Losses (Topic 326 , in May 2019, 2019 11, Codification Improvements to Topic 326, in November 2019, 2020 02 , Financial Instruments - Credit Losses (Topic 326 and Leases (Topic 842 in February 2020 January 1, 2020, November 2019, 2019 10, Financial Instruments - Credit Losses (Topic 326 815 842 that provides for additional implementation time for smaller reporting companies with the standard being effective for fiscal years beginning after December 15, 2022, not 2016 13 January 1, 2021, not In December 2019, 2019 12, Income Taxes (Topic 740 Simplifying the Accounting for Income Taxes ("ASU 2019 12" December 15, 2020. 2019 12 January 1, 2021 no In January 2020, 2020 01, Investments - Equity Securities (Topic 321 323 815 ("ASU 2020 01" 2020 01 321 323 815. December 31, 2020, 2020 01 January 1, 2021 no In October 2020, 2020 10, Codification Improvements ("ASU 2020 10" 2020 10 December 15, 2020, 2020 10 January 1, 2021 no

Note 1 - Organization and Sum_2

Note 1 - Organization and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Cash and Cash Equivalents [Table Text Block]	Six Months Ended June 30, 2021 2020 (Dollars in thousands) Cash and cash equivalents $ 117,329 $ 85,588 Restricted cash 22 144 Total cash, cash equivalents, and restricted cash shown in the statements of cash flows $ 117,351 $ 85,732

Note 2 - Computation of Earni_2

Note 2 - Computation of Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in thousands, except per share amounts) Numerator: Net income (loss) $ 4,774 $ (24,293 ) $ 5,327 $ (32,769 ) Denominator: Basic weighted-average shares outstanding 18,075,687 18,341,549 18,092,259 19,146,687 Effect of dilutive shares: Stock options and unvested restricted stock units 370,328 — 339,017 — Diluted weighted-average shares outstanding 18,446,015 18,341,549 18,431,276 19,146,687 Basic earnings (loss) per share $ 0.26 $ (1.32 ) $ 0.29 $ (1.71 ) Diluted earnings (loss) per share $ 0.26 $ (1.32 ) $ 0.29 $ (1.71 ) Antidilutive stock options and unvested restricted stock units not included in diluted earnings (loss) per share 1,204,108 1,897,100 1,220,695 1,841,463

Note 3 - Contracts and Accoun_2

Note 3 - Contracts and Accounts Receivable (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	June 30, December 31, 2021 2020 (Dollars in thousands) Contracts receivable: Costs incurred on fee building projects $ 9,691 $ 79,583 Estimated earnings 196 1,420 9,887 81,003 Less: amounts collected during the period (7,802 ) (77,861 ) Contracts receivable $ 2,085 $ 3,142 Contracts receivable: Billed $ — $ — Unbilled 2,085 3,142 2,085 3,142 Accounts receivable: Escrow receivables 2,028 1,782 Other receivables 388 — Contracts and accounts receivable $ 4,501 $ 4,924

Note 4 - Real Estate Inventor_2

Note 4 - Real Estate Inventories (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Inventory, Noncurrent [Table Text Block]	June 30, December 31, 2021 2020 (Dollars in thousands) Deposits and pre-acquisition costs $ 18,246 $ 12,202 Land held and land under development 115,099 127,807 Homes completed or under construction 196,788 133,567 Model homes 28,140 41,381 $ 358,273 $ 314,957
Asset Impairment Charges [Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in thousands) Inventory impairments: Home sales $ — $ 19,000 $ — $ 19,000 Total inventory impairments $ — $ 19,000 $ — $ 19,000 Remaining carrying value of inventory impaired at period end $ — $ 79,033 $ — $ 79,033 Number of projects impaired during the period — 5 — 5 Total number of projects subject to periodic impairment review during period (1) 31 27 31 27

Note 5 - Capitalized Interest (

Note 5 - Capitalized Interest (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Interest Income and Interest Expense Disclosure [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in thousands) Interest incurred $ 5,751 $ 6,150 $ 11,082 $ 12,530 Interest capitalized to inventory (5,660 ) (4,879 ) (10,637 ) (10,541 ) Interest expensed $ 91 $ 1,271 $ 445 $ 1,989 Capitalized interest in beginning inventory $ 23,003 $ 25,152 $ 22,053 $ 26,397 Interest capitalized as a cost of inventory 5,660 4,879 10,637 10,541 Previously capitalized interest included in cost of home and land sales (5,616 ) (4,601 ) (9,643 ) (10,747 ) Previously capitalized interest included in project abandonment costs — — — (761 ) Capitalized interest in ending inventory $ 23,047 $ 25,430 $ 23,047 $ 25,430 Capitalized interest in beginning investment in unconsolidated joint ventures $ — $ 93 $ — $ 541 Previously capitalized interest included in equity in net income (loss) of unconsolidated joint ventures — (31 ) — (479 ) Capitalized interest in ending investment in unconsolidated joint ventures — 62 — 62 Total capitalized interest in ending inventory and investments in unconsolidated joint ventures $ 23,047 $ 25,492 $ 23,047 $ 25,492 Capitalized interest as a percentage of inventory 6.4 % 6.9 % 6.4 % 6.9 % Interest included in cost of home sales as a percentage of home sales revenue 4.1 % 6.0 % 4.2 % 6.2 % Capitalized interest as a percentage of investment in unconsolidated joint ventures — % 0.5 % — % 0.5 %

Note 6 - Investments in Uncon_2

Note 6 - Investments in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Equity Method Investments [Table Text Block]	June 30, December 31, 2021 2020 (Dollars in thousands) Cash and cash equivalents $ 14,422 $ 16,709 Restricted cash 250 611 Real estate inventories — 3,172 Other assets 1,023 1,834 Total assets $ 15,695 $ 22,326 Accounts payable and accrued liabilities $ 12,624 $ 13,487 Notes payable — — Total liabilities 12,624 13,487 The New Home Company's equity (1) 769 2,107 Other partners' equity 2,302 6,732 Total equity 3,071 8,839 Total liabilities and equity $ 15,695 $ 22,326 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in thousands) Revenues $ — $ 30,290 $ 5,353 $ 61,937 Cost of sales and expenses — 28,672 5,152 58,957 Net income of unconsolidated joint ventures $ — $ 1,618 $ 201 $ 2,980 Equity in net income (loss) of unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations $ — $ (19,962 ) $ 174 $ (21,899 ) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in thousands) Revenues $ — $ — $ 504 $ — Cost of home and land sales — — — — Gross margin $ — $ — $ 504 $ — Expenses — 58 — 345 Net income (loss) $ — $ (58 ) $ 504 $ (345 ) Equity in net income (loss) of unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations (1) $ — $ (20,000 ) $ 252 $ (20,000 )

Note 7 - Other Assets (Tables)

Note 7 - Other Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Other Assets [Table Text Block]	June 30, December 31, 2021 2020 (Dollars in thousands) Capitalized selling and marketing costs, net (1) $ 5,076 $ 5,895 Prepaid income taxes (2) 25,465 27,866 Insurance receivable (3) 5,166 4,816 Warranty insurance receivable (4) 2,960 2,480 Prepaid expenses 6,566 6,331 Right-of-use lease assets 2,670 2,997 Goodwill 2,000 — Other 360 318 $ 50,263 $ 50,703

Note 8 - Accrued Expenses and_2

Note 8 - Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Accrued Expenses and Other Liabilities [Table Text Block]	June 30, December 31, 2021 2020 (Dollars in thousands) Warranty accrual (1) $ 7,632 $ 7,276 Litigation reserves (2) 7,078 5,641 Accrued interest 4,305 3,172 Accrued compensation and benefits 6,198 7,106 Completion reserve 4,655 5,683 Customer deposits 10,281 2,898 Lease liabilities 2,886 3,180 Other accrued expenses 3,057 1,254 $ 46,092 $ 36,210
Schedule of Product Warranty Liability [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in thousands) Beginning warranty accrual for homebuilding projects $ 7,431 $ 6,836 $ 7,269 $ 7,195 Warranty provision for homebuilding projects 664 357 1,129 778 Warranty payments for homebuilding projects (845 ) (481 ) (1,551 ) (1,261 ) Adjustment to warranty accrual (1) 375 — 778 — Ending warranty accrual for homebuilding projects 7,625 6,712 7,625 6,712 Beginning warranty accrual for fee building projects 7 28 7 28 Warranty provision for fee building projects — — — — Warranty efforts for fee building projects — — — — Ending warranty accrual for fee building projects 7 28 7 28 Total ending warranty accrual $ 7,632 $ 6,740 $ 7,632 $ 6,740

Note 9 - Senior Notes and Uns_2

Note 9 - Senior Notes and Unsecured Revolving Credit Facility (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Debt [Table Text Block]	June 30, December 31, 2021 2020 (Dollars in thousands) 7.25% Senior Notes due 2025, net $ 280,579 $ 244,865 Unsecured revolving credit facility — — Total Indebtedness $ 280,579 $ 244,865
Debt Instrument Redemption [Table Text Block]	Year Redemption Price 2022 103.625% 2023 101.813% 2024 100.000%

Note 10 - Fair Value Disclosu_2

Note 10 - Fair Value Disclosures (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	June 30, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in thousands) 7.25% Senior Notes due 2025, net (1) $ 280,579 $ 299,963 $ 244,865 $ 256,875

Note 11 - Commitments and Con_2

Note 11 - Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in thousands) Lease cost: Lease costs included in general and administrative expenses $ 266 $ 314 $ 526 $ 625 Lease costs included in real estate inventories 90 111 153 208 Lease costs included in selling and marketing expenses 28 59 57 98 Net lease cost (1) $ 384 $ 484 $ 736 $ 931 Other Information: Lease cash flows (included in operating cash flows) (1) $ 373 $ 518 $ 671 $ 1,016
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Remaining for 2021 $ 611 2022 773 2023 631 2024 588 2025 479 Thereafter — Total lease payments (1) $ 3,082 Less: Interest (2) 196 Present value of lease liabilities (3) $ 2,886

Note 13 - Stock-based Compens_2

Note 13 - Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Six Months Ended June 30, 2021 2020 Number of Shares Weighted-Average Exercise Price per Share Number of Shares Weighted-Average Exercise Price per Share Outstanding Stock Option Activity Outstanding, beginning of period 1,220,695 $ 9.18 1,068,017 $ 9.78 Granted — $ — 161,479 $ 5.36 Exercised — $ — — $ — Forfeited — $ — — $ — Outstanding, end of period 1,220,695 $ 9.18 1,229,496 $ 9.20 Exercisable, end of period 1,029,950 $ 9.86 901,829 $ 10.52
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]	Six Months Ended June 30, 2021 2020 Number of Shares Weighted-Average Grant-Date Fair Value per Share Number of Shares Weighted-Average Grant-Date Fair Value per Share Restricted Stock Unit Activity Outstanding, beginning of period 704,890 $ 5.11 592,116 $ 6.36 Granted 432,617 $ 5.50 358,869 $ 4.78 Vested (279,678 ) $ 5.47 (244,812 ) $ 7.61 Forfeited (5,833 ) $ 5.46 (428 ) $ 11.68 Outstanding, end of period 851,996 $ 5.19 705,745 $ 5.12
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in thousands) Expense related to: Stock options $ 77 $ 81 $ 168 $ 145 Restricted stock units 536 440 1,090 965 $ 613 $ 521 $ 1,258 $ 1,110
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Six Months Ended June 30, 2021 2020 Expected term (in years) N/A 6.0 Expected volatility N/A 41.8 % Risk-free interest rate N/A 1.4 % Expected dividends N/A — Weighted-average grant date fair value per share N/A $ 2.24

Note 14 - Income Taxes (Tables)

Note 14 - Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	June 30, December 31, 2021 2020 (Dollars in thousands) Net operating loss carryforwards $ 5,808 $ 5,808 Tax credit carryforwards 2,202 2,401 Reserves and accruals 2,875 2,870 Share based compensation 1,524 1,441 Inventory 2,147 3,142 Investments in joint ventures 963 1,226 Other 180 26 Depreciation and amortization (657 ) (653 ) Right-of-use lease asset (774 ) (814 ) Deferred tax asset, net $ 14,268 $ 15,447

Note 15 - Segment Information (

Note 15 - Segment Information (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in thousands) Homebuilding revenues: California home sales $ 101,917 $ 71,597 $ 185,131 $ 154,877 California land sales — 10 — 157 Arizona home sales 18,366 6,160 26,064 18,539 Colorado home sales 15,657 — 18,600 — Total homebuilding revenues 135,940 77,767 229,795 173,573 Fee building revenues, including management fees 4,586 21,193 9,887 57,420 Total revenues $ 140,526 $ 98,960 $ 239,682 $ 230,993 Homebuilding pretax income (loss): California $ 7,198 $ (38,238 ) $ 11,085 $ (42,689 ) Arizona (730 ) (3,192 ) (2,353 ) (17,884 ) Colorado (1) (440 ) — (1,804 ) — Total homebuilding pretax income (loss) 6,028 (41,430 ) 6,928 (60,573 ) Fee building pretax income, including management fees 92 208 196 938 Total pretax income (loss) $ 6,120 $ (41,222 ) $ 7,124 $ (59,635 ) June 30, December 31, 2021 2020 (Dollars in thousands) Homebuilding assets: California $ 287,008 $ 295,340 Arizona 82,484 70,457 Colorado 75,289 — Total homebuilding assets 444,781 365,797 Fee building assets 2,574 3,756 Corporate unallocated assets 98,131 126,146 Total assets $ 545,486 $ 495,699

Note 16 - Supplemental Disclo_2

Note 16 - Supplemental Disclosure of Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Six Months Ended June 30, 2021 2020 (Dollars in thousands) Supplemental disclosures of cash flow information Interest paid, net of amounts capitalized $ — $ 1,398 Income taxes paid $ 185 $ — Proceeds from income tax refunds $ (1,981) $ (208) Supplemental disclosures of non-cash transactions Assets acquired related to business combination, net of cash acquired $ 33,326 $ — Liabilities assumed and incurred related to business combination, net of $280 PPP loan forgiven $ 33,046 $ —

Note 1 - Organization and Sum_3

Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual)	Feb. 26, 2021USD ($)	Jun. 30, 2021USD ($)shares	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)shares	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)shares	Dec. 31, 2020USD ($)
Public Float Value				$ 46,000,000		$ 46,000,000
Restricted Cash, Total		$ 22,000		144,000	$ 22,000	144,000	$ 180,000
Inventory Write-down		0		19,000,000	0	19,000,000
Abandoned Project Costs		21,000		$ 100,000	89,000	14,130,000
Repayments of Notes Payable					23,848,000	$ 7,036,000
Goodwill, Ending Balance		2,000,000			2,000,000		0
Nonrefundable Cash Deposits		12,200,000			$ 12,200,000
Period of General Warranty (Year)					1 year
Accounts Receivable, Allowance for Credit Loss, Ending Balance		0			$ 0		0
Capitalized Selling and Marketing Cost, Amortization Period (Month)					30 months
Deferred Tax Assets, Valuation Allowance, Total		20,000			$ 20,000		$ 20,000
Income Tax Examination, Penalties and Interest Accrued, Total		$ 0			$ 0
Stock Repurchased and Retired During Period, Shares (in shares) | shares		37,503		817,300	179,326	2,051,183
Stock Repurchased and Retired During Period, Value		$ 220,000		$ 1,485,000	$ 976,000	$ 3,718,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount		8,500,000			8,500,000
Dividends, Common Stock, Total		$ 0		0	$ 0	0
Minimum [Member]
Limited Warranty Period (Year)					2 years
Property, Plant and Equipment, Useful Life (Year)					3 years
Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)					5 years
Unconsolidated Joint Ventures [Member]
Equity Method Investment, Ownership Percentage		50.00%			50.00%
Equity Method Investment, Other than Temporary Impairment		$ 0		20,000,000	$ 0	22,300,000
Unconsolidated Joint Ventures [Member] | Minimum [Member]
Equity Method Investment, Ownership Percentage		10.00%			10.00%
Unconsolidated Joint Ventures [Member] | Maximum [Member]
Equity Method Investment, Ownership Percentage		50.00%			50.00%
Noncontrolling Interest [Member]
Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance		$ 0			$ 0
Stock Repurchased and Retired During Period, Value		$ 0		$ 0	$ 0	$ 0
Customer Concentration Risk [Member] | Fee Building Revenue [Member]
Number of Major Customers		1		1	1	1
Customer Concentration Risk [Member] | Fee Building Revenue [Member] | One Customer [Member]
Concentration Risk, Percentage		0.00%		94.00%	18.00%	97.00%
Customer Concentration Risk [Member] | Fee Building Revenue [Member] | Separate Fee Building Customer [Member]
Concentration Risk, Percentage		97.00%		4.00%	78.00%	2.00%
Customer Concentration Risk [Member] | Accounts Receivable [Member]
Number of Major Customers					1		1
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member]
Concentration Risk, Percentage					0.00%		35.00%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Separate Fee Building Customer [Member]
Concentration Risk, Percentage					46.00%		25.00%
The Epic Acquisition [Member]
Business Combination, Consideration Transferred, Total	$ 8,500,000
Payments to Acquire Businesses, Gross	6,900,000
The Epic Acquisition [Member] | Colorado Homebuilding Segment [Member]
Goodwill, Impairment Loss					$ 0
The Epic Acquisition [Member] | Colorado Homebuilding Segment [Member] | Other Assets [Member]
Goodwill, Ending Balance	2,000,000	$ 2,000,000			2,000,000
The Epic Acquisition [Member] | Epic Companies Indebtness [Member]
Repayments of Notes Payable	$ 23,800,000		$ 23,800,000
Home Building [Member]
Inventory Write-down		$ 0		$ 19,000,000	$ 0	$ 19,000,000

Note 1 - Organization and Sum_4

Note 1 - Organization and Summary of Significant Accounting Policies - Cash and Cash Equivalents, and Restricted Cash (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Cash and cash equivalents	$ 117,329,000	$ 107,279,000	$ 85,588,000
Restricted cash	22,000	$ 180,000	144,000
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows	$ 117,351,000		$ 85,732,000

Note 2 - Computation of Earni_3

Note 2 - Computation of Earnings (Loss) Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net income (loss)	$ 4,774	$ (24,293)	$ 5,327	$ (32,769)
Basic weighted-average shares outstanding (in shares)	18,075,687	18,341,549	18,092,259	19,146,687
Stock options and unvested restricted stock units (in shares)	370,328	0	339,017	0
Diluted weighted-average shares outstanding (in shares)	18,446,015	18,341,549	18,431,276	19,146,687
Basic earnings (loss) per share (in dollars per share)	$ 0.26	$ (1.32)	$ 0.29	$ (1.71)
Diluted earnings (loss) per share (in dollars per share)	$ 0.26	$ (1.32)	$ 0.29	$ (1.71)
Antidilutive stock options and unvested restricted stock units not included in diluted earnings (loss) per share (in shares)	1,204,108	1,897,100	1,220,695	1,841,463

Note 3 - Contracts and Accoun_3

Note 3 - Contracts and Accounts Receivable (Details Textual) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Construction Payable	$ 1.8	$ 2.6

Note 3 - Contracts and Accoun_4

Note 3 - Contracts and Accounts Receivable - Contracts and Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Costs incurred on fee building projects	$ 9,691	$ 79,583
Estimated earnings	196	1,420
Contracts receivable, before collections	9,887	81,003
Less: amounts collected during the period	(7,802)	(77,861)
Contracts receivable	2,085	3,142
Billed	0	0
Unbilled	2,085	3,142
Total contracts receivable	2,085	3,142
Escrow receivables	2,028	1,782
Other receivables	388	0
Contracts and accounts receivable	$ 4,501	$ 4,924

Note 4 - Real Estate Inventor_3

Note 4 - Real Estate Inventories (Details Textual) $ in Thousands	Feb. 26, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Feb. 16, 2021USD ($)	Dec. 31, 2020USD ($)
Inventory, Real Estate, Refundable		$ 500			$ 500			$ 100
Goodwill, Ending Balance		2,000			2,000			$ 0
Repayments of Notes Payable					23,848	$ 7,036
Impairment of Real Estate		0		$ 19,000		19,000
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total		6,120		(41,222)	7,124	(59,635)
Impairment of Long-Lived Assets to be Disposed of		21		$ 94	89	14,130
Luxury Condominium Project in Scottsdale, Arizona [Member]
Impairment of Long-Lived Assets to be Disposed of						$ 14,000
Measurement Input, Discount Rate [Member] | Minimum [Member]
Real Estate Inventory, Measurement Input				0.14		0.14
Measurement Input, Discount Rate [Member] | Maximum [Member]
Real Estate Inventory, Measurement Input				0.26		0.26
California 1 [Member] | Multi-family Community in Sacramento Area [Member]
Impairment of Real Estate Homes				$ 6,500
California 1 [Member] | Townhouse Community Within Sourthern California's Inland Empire [Member]
Impairment of Real Estate Homes				6,200
California 1 [Member] | Attached-product Community in San Diego [Member]
Impairment of Real Estate Homes				4,500
California 1 [Member] | Multi-family Condominium Community in Los Angeles [Member]
Impairment of Real Estate Homes				600
Arizona 1 [Member]
Impairment of Real Estate Homes				1,200
Home Building Segment [Member] | California 1 [Member]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total				17,800		$ 17,800
Home Building Segment [Member] | Arizona 1 [Member]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total				$ 1,200		$ 1,200
The Epic Acquisition [Member]
Business Combination, Consideration Transferred, Total	$ 8,500
Payments to Acquire Businesses, Gross	6,900
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	37,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	1,200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	24,100
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accounts Payable And Other Accrued Liabilities	7,600
Business Acquisition, Goodwill, Expected Tax Deductible Amount							$ 2,000
Business Combination, Acquisition Related Costs	1,000
The Epic Acquisition [Member] | Epic Companies Indebtness [Member]
Repayments of Notes Payable	23,800		$ 23,800
The Epic Acquisition [Member] | Colorado Homebuilding Segment [Member] | Other Assets [Member]
Goodwill, Ending Balance	$ 2,000	$ 2,000			$ 2,000

Note 4 - Real Estate Inventor_4

Note 4 - Real Estate Inventories - Real Estate Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Deposits and pre-acquisition costs	$ 18,246	$ 12,202
Land held and land under development	115,099	127,807
Homes completed or under construction	196,788	133,567
Model homes	28,140	41,381
Inventory, Real Estate, Total	$ 358,273	$ 314,957

Note 4 - Real Estate Inventor_5

Note 4 - Real Estate Inventories - Inventory Impairments (Details) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)
Impairments		$ 0	$ 19,000	$ 0	$ 19,000
Remaining carrying value of inventory impaired at period end		$ 0	$ 79,033	$ 0	$ 79,033
Number of projects impaired during the period		0	5	0	5
Total number of projects subject to periodic impairment review during period (1)	[1]	31	27	31	27
Home Building [Member]
Impairments		$ 0	$ 19,000	$ 0	$ 19,000
[1]	Represents the peak number of real estate projects that we had during each respective period. The number of projects outstanding at the end of each period may be less than the number of projects listed herein.

Note 5 - Capitalized Interest_2

Note 5 - Capitalized Interest (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Previously Capitalized Interest Included in Project Abandonments Costs	$ 0	$ 0	$ 0	$ 761
Other than Temporary Impairment Losses, Investments, Total				$ 400

Note 5 - Capitalized Interest -

Note 5 - Capitalized Interest - Summary of Interest Incurred, Capitalized, and Expensed (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest incurred	$ 5,751	$ 6,150	$ 11,082	$ 12,530
Interest capitalized to inventory	(5,660)	(4,879)	(10,637)	(10,541)
Interest expensed	91	1,271	445	1,989
Capitalized interest in beginning inventory	23,003	25,152	22,053	26,397
Interest capitalized as a cost of inventory	5,660	4,879	10,637	10,541
Previously capitalized interest included in cost of home and land sales	(5,616)	(4,601)	(9,643)	(10,747)
Previously capitalized interest included in project abandonment costs	0	0	0	(761)
Capitalized interest in ending inventory	23,047	25,430	23,047	25,430
Capitalized interest in beginning investment in unconsolidated joint ventures	0	93	0	541
Previously capitalized interest included in equity in net income (loss) of unconsolidated joint ventures	0	(31)	0	(479)
Capitalized interest in ending investment in unconsolidated joint ventures	0	62	0	62
Total capitalized interest in ending inventory and investments in unconsolidated joint ventures	$ 23,047	$ 25,492	$ 23,047	$ 25,492
Capitalized interest as a percentage of inventory	6.40%	6.90%	6.40%	6.90%
Interest included in cost of home sales as a percentage of home sales revenue	4.10%	6.00%	4.20%	6.20%
Capitalized interest as a percentage of investment in unconsolidated joint ventures	0.00%	0.50%	0.00%	0.50%

Note 6 - Investments in Uncon_3

Note 6 - Investments in Unconsolidated Joint Ventures (Details Textual) $ in Thousands	3 Months Ended					6 Months Ended
	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)
Equity Method Investment, Ownership Interests in Unconsolidated Joint Ventures	9	9				9
Income (Loss) from Equity Method Investments, Total	$ 0			$ (19,962)		$ 174	$ (21,899)
Revenue from Contract with Customer, Including Assessed Tax	140,526			98,960		239,682	230,993
Management Service [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 0			200		$ 100	600
Unconsolidated Joint Ventures [Member]
Equity Method Investment, Ownership Percentage	50.00%					50.00%
Equity Method Investment, Other than Temporary Impairment	$ 0			20,000		$ 0	22,300
Income (Loss) from Equity Method Investments, Total		$ 4,500
Proceeds from Sale of Equity Method Investments			$ 5,100
Land Development Joint Venture [Member]
Equity Method Investment, Other than Temporary Impairment				20,000
Bedford [Member]
Equity Method Investment, Other than Temporary Impairment					$ 2,300
Russell Ranch [Member]
Equity Method Investment, Other than Temporary Impairment				$ 20,000			$ 20,000
Minimum [Member] | Unconsolidated Joint Ventures [Member]
Equity Method Investment, Ownership Percentage	10.00%					10.00%
Maximum [Member] | Unconsolidated Joint Ventures [Member]
Equity Method Investment, Ownership Percentage	50.00%					50.00%

Note 6 - Investments in Uncon_4

Note 6 - Investments in Unconsolidated Joint Ventures - Condensed Combined Financial Statements for Unconsolidated Joint Ventures (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Cash and cash equivalents		$ 117,329,000	$ 85,588,000	$ 117,329,000	$ 85,588,000		$ 107,279,000
Restricted Cash, Total		22,000	144,000	22,000	144,000		180,000
Real estate inventories		358,273,000		358,273,000			314,957,000
Other assets		50,263,000		50,263,000			50,703,000
Total assets		545,486,000		545,486,000			495,699,000
Total liabilities		342,755,000		342,755,000			298,257,000
The New Home Company's equity		202,731,000		202,731,000			197,442,000
Total equity		202,731,000	197,078,000	202,731,000	197,078,000	$ 197,567,000	197,442,000	$ 222,336,000	$ 232,759,000
Total liabilities and equity		545,486,000		545,486,000			495,699,000
Revenues		140,526,000	98,960,000	239,682,000	230,993,000
Net income of unconsolidated joint ventures		0	1,618,000	201,000	2,980,000
Equity in net income (loss) of unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations		0	(19,962,000)	174,000	(21,899,000)
Gross margin		23,579,000	(7,251,000)	39,690,000	4,416,000
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Cash and cash equivalents		14,422,000		14,422,000			16,709,000
Restricted Cash, Total		250,000		250,000			611,000
Real estate inventories		0		0			3,172,000
Other assets		1,023,000		1,023,000			1,834,000
Total assets		15,695,000		15,695,000			22,326,000
Accounts payable and accrued liabilities		12,624,000		12,624,000			13,487,000
Notes Payable, Total		0		0			0
Total liabilities		12,624,000		12,624,000			13,487,000
The New Home Company's equity	[1]	769,000		769,000			2,107,000
Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance		2,302,000		2,302,000			6,732,000
Total equity		3,071,000		3,071,000			8,839,000
Total liabilities and equity		15,695,000		15,695,000			$ 22,326,000
Revenues		0	30,290,000	5,353,000	61,937,000
Cost of sales and expenses		0	28,672,000	5,152,000	58,957,000
Unconsolidated Joint Venture with More than 20 Percent Loss Allocation [Member]
Revenues		0	0	504,000	0
Cost of sales and expenses		0	0	0	0
Equity in net income (loss) of unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations	[2]	0	(20,000,000)	252,000	(20,000,000)
Gross margin		0	0	504,000	0
Expenses		0	58,000	0	345,000
Net income (loss)		$ 0	$ (58,000)	$ 504,000	$ (345,000)
[1]	Balance represents the Company's interest, as reflected in the financial records of the respective joint ventures.
[2]	Balance represents equity in net income (loss) of unconsolidated joint ventures included in the statements of operations related to the Company's investment in the unconsolidated joint ventures. The balance may differ from the amount of profit or loss allocated to the Company as reflected in the respective joint venture's financial records primarily due to basis differences such as other-than-temporary impairment charges, interest capitalized to the Company's investment in joint ventures, and/or profit deferral from lot sales from the joint ventures to the Company.

Note 7 - Other Assets (Details

Note 7 - Other Assets (Details Textual) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Depreciation, Capitalized Selling and Marketing Costs		$ 1,400	$ 1,700	$ 2,600	$ 3,500
Income Tax Receivable, From CARES Act		25,300		25,300
Insurance Settlements Receivable	[1]	5,166		5,166		$ 4,816
Increase (Decrease) in Litigation Reserve				400
Adjustment to Warranty Insurance Receivable		$ 400	$ 200	600	$ 300
Proceeds from Insurance Settlement, Operating Activities				$ 100
Construction Defect Claims [Member]
Insurance Settlements Receivable						4,800
Claim Specific Litigation Reserve [Member]
Insurance Settlements Receivable						1,000
IBNR Construction Defect Claims [Member]
Insurance Settlements Receivable						$ 3,800
[1]	At December 31, 2020, the Company recorded insurance receivables of $4.8 million which was related to expected insurance reimbursements for $1.0 million in litigation reserves related to one claim and $3.8 million of IBNR litigation reserves. During the six months ended June 30, 2021, the claim-specific litigation reserve was increased by $0.4 million, all of which is expected to be reimbursed by insurance resulting in an increase of the same amount to insurance receivables. For more information, please refer to Note 8.

Note 7 - Other Assets - Summary

Note 7 - Other Assets - Summary of Other Assets (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Capitalized selling and marketing costs, net	[1]	$ 5,076	$ 5,895
Prepaid income taxes	[2]	25,465	27,866
Insurance receivable	[3]	5,166	4,816
Warranty insurance receivable	[4]	2,960	2,480
Prepaid expenses		6,566	6,331
Right-of-use lease assets		2,670	2,997
Goodwill		2,000	0
Other		360	318
Other assets		$ 50,263	$ 50,703
[1]	Capitalized selling and marketing costs includes costs incurred for tangible assets directly used in the sales process such as our sales offices, design studios and model furnishings, and also includes model landscaping costs. The Company depreciated $1.4 million, $2.6 million, $1.7 million and $3.5 million of capitalized selling and marketing costs to selling and marketing expenses during the three and six months ended June 30, 2021 and 2020, respectively.
[2]	The amount at June 30, 2021 includes approximately $25.3 million of expected federal income tax refunds due to the Company for net operating loss carrybacks.
[3]	At December 31, 2020, the Company recorded insurance receivables of $4.8 million which was related to expected insurance reimbursements for $1.0 million in litigation reserves related to one claim and $3.8 million of IBNR litigation reserves. During the six months ended June 30, 2021, the claim-specific litigation reserve was increased by $0.4 million, all of which is expected to be reimbursed by insurance resulting in an increase of the same amount to insurance receivables. For more information, please refer to Note 8.
[4]	During the three and six months ended June 30, 2021, the Company adjusted its warranty insurance receivable upward by $0.4 million and $0.6 million, respectively, to true-up the receivable to its estimate of qualifying reimbursable expenditures as a result of an increase of the same amount to its warranty reserve. Also during the six months ended June 30, 2021, the Company received $0.1 million in insurance reimbursements for warranty claims. During the three and six months ended June 30, 2020, the Company adjusted its warranty insurance receivable by $0.2 million and $0.3 million, respectively, to true-up the receivable to its estimate of qualifying reimbursable expenditures, which resulted in pretax income of the same amount.

Note 8 - Accrued Expenses and_3

Note 8 - Accrued Expenses and Other Liabilities (Details Textual) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Standard Product Warranty Accrual, Estimated Recoveries From Insurance Policies	$ 3	$ 3	$ 2.5
Estimated Litigation Liability	7.1	7.1
Increase (Decrease) in Litigation Reserve		0.4
The Epic Acquisition [Member]
Standard Product Warranty Accrual, Additions from Business Acquisition		0.2
Home Building Segment [Member]
Standard Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties	0.4	0.6
Construction Defect Claims [Member]
Estimated Litigation Liability			5.6
Claim Specific Litigation Reserve [Member]
Estimated Litigation Liability			1
IBNR Construction Defect Claims [Member]
Estimated Litigation Liability	$ 1.1	$ 1.1	$ 4.6

Note 8 - Accrued Expenses and_4

Note 8 - Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Warranty accrual		$ 7,632		$ 6,740
Estimated Litigation Liability		7,100
Operating Lease, Liability, Total	[1]	2,886
Accrued Liabilities and Other Liabilities, Total		46,092	$ 36,210
Accrued Liabilities and Other Liabilities [Member]
Warranty accrual	[2]	7,632	7,276
Estimated Litigation Liability	[3]	7,078	5,641
Accrued interest		4,305	3,172
Accrued compensation and benefits		6,198	7,106
Completion reserve		4,655	5,683
Customer deposits		10,281	2,898
Operating Lease, Liability, Total		2,886	3,180
Other accrued expenses		$ 3,057	$ 1,254
[1]	The weighted average remaining lease term and weighted average incremental borrowing rate used in calculating our lease liabilities were 4.0 years and 4.7%, respectively at June 30, 2021.
[2]	Included in the amount at June 30, 2021 and December 31, 2020 is approximately $3.0 million and $2.5 million, respectively, of warranty liabilities estimated to be recovered by our insurance policies.
[3]	At December 31, 2020, litigation reserves of $5.6 million were recorded related to construction defect claim reserves which consisted of $1.0 million for a claim-specific reserve and $4.6 million for IBNR construction defect claims. During the six months ended June 30, 2021, the Company increased its claim-specific reserve by $0.4 million and recorded estimated insurance receivables of the same amount as the self-insured retention deductible has been met for this claim. Also during the six months ended June 30, 2021, the Company recorded $1.1 million of additional IBNR reserves within litigation reserves.

Note 8 - Accrued Expenses and_5

Note 8 - Accrued Expenses and Other Liabilities - Changes in Warranty Accrual (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Ending warranty accrual		$ 7,632	$ 6,740	$ 7,632	$ 6,740
Home Building Segment [Member]
Beginning warranty accrual		7,431	6,836	7,269	7,195
Warranty provision		664	357	1,129	778
Warranty payments		(845)	(481)	(1,551)	(1,261)
Adjustment to warranty accrual	[1]	375	0	778	0
Ending warranty accrual		7,625	6,712	7,625	6,712
Fee Building Segment [Member]
Beginning warranty accrual		7	28	7	28
Warranty provision		0	0	0	0
Warranty payments		0	0	0	0
Ending warranty accrual		$ 7	$ 28	$ 7	$ 28
[1]	During the three and six months ended June 30, 2021, the Company recorded an adjustment of $0.4 million and $0.6 million, respectively, to increase its warranty accrual for homebuilding projects. The Company also recorded a corresponding increase of the same amount to its warranty insurance receivable included in other assets in the condensed consolidated balance sheets at June 30, 2021. The adjustment for the six months ended June 30, 2021 also includes $0.2 million of warranty reserves related to the Epic Acquisition.

Note 9 - Senior Notes and Uns_3

Note 9 - Senior Notes and Unsecured Revolving Credit Facility (Details Textual) - USD ($)	Feb. 26, 2021	Oct. 30, 2020	Oct. 28, 2020	Apr. 15, 2020	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Oct. 14, 2022	Feb. 24, 2021	Dec. 31, 2020	May 04, 2017	Mar. 17, 2017
Early Repayment of Senior Debt								$ 0	$ 9,825,000
Gain (Loss) on Extinguishment of Debt, Total					$ 0		$ 702,000	0	579,000
Proceeds from Paycheck Protection Program Under CARES Act				$ 7,000,000
Repayments of Notes Payable								23,848,000	7,036,000
The Epic Acquisition [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	$ 24,100,000
Revolving Credit Facility [Member]
Long-term Line of Credit, Total					$ 0			$ 0				$ 0
New Credit Agreement [Member] | Revolving Credit Facility [Member]
Debt Instrument, Interest Rate, Effective Percentage					5.00%			5.00%
Debt Issuance Costs, Net, Total					$ 1,200,000			$ 1,200,000				1,500,000
Line of Credit Facility, Maximum Borrowing Capacity		$ 60,000,000
Aggregate Maximum Borrowing Capacity		100,000,000
Long-term Line of Credit, Total					0			0				0
Debt Instrument, Covenant, Minimum Consolidated Tangible Net Worth		$ 150,000,000
Debt Instrument, Covenant, Percentage of Cumulative Consolidated Net Income Per Quarter		50.00%
Debt Instrument, Covenant, Minimum Liquidity		$ 10,000,000
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument, Covenant, Net Leverage Ratio		60.00%
Debt Instrument, Covenant, Interest Coverage Ratio		1.75
New Credit Agreement [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		3.50%
New Credit Agreement [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate		4.50%
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		2.50%
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate		3.50%
New Credit Agreement [Member] | Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 30,000,000
Letters of Credit Outstanding, Amount					0			0				0
Epic Companies Indebtness [Member] | The Epic Acquisition [Member]
Notes Payable, Total						$ 24,100,000
Repayments of Notes Payable	23,800,000					$ 23,800,000
Paycheck Protection Program CARES Act [Member]
Extinguishment of Debt, Amount								280,000
Paycheck Protection Program CARES Act [Member] | The Epic Acquisition [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	$ 300,000
Senior Notes [Member] | Senior Notes Due 2022 [Member]
Debt Instrument, Face Amount														$ 250,000,000
Debt Instrument, Interest Rate, Stated Percentage														7.25%
Senior Notes [Member] | Senior Notes Due 2022, Additional [Member]
Debt Instrument, Face Amount													$ 75,000,000
Debt Instrument, Interest Rate, Stated Percentage													7.25%
Extinguishment of Debt, Amount							5,800,000		10,500,000
Early Repayment of Senior Debt							5,000,000		9,800,000
Gain (Loss) on Extinguishment of Debt, Total							700,000		600,000
Write off of Deferred Debt Issuance Cost							$ 49,000		$ 95,000
Senior Notes [Member] | 7.25% Senior Notes Due 2025 [Member]
Debt Instrument, Face Amount			$ 250,000,000
Debt Instrument, Interest Rate, Stated Percentage			7.25%
Percent of Debt Instrument Face Amount, Value Issued			100.00%
Debt Instrument, Interest Rate, Effective Percentage			7.25%
Debt Instrument, Redemption Price, Percentage			101.813%
Debt Issuance Costs, Net, Total					5,400,000			5,400,000				$ 5,100,000
DebtInstrument Exceptions To Limitation On Additional Indebtedness Maximum Borrowing Amount			$ 100,000,000
Percent Of Consolidated Tangible Assets General Basket Exception To Limitation For Restricted Payments To Be Made			20.00%
Percent of Consolidated Net Income, General Basket Limitation for Restricted Payments to be Made			50.00%
Percent of Net Cash Proceeds From Qualified Equity Offerings, General Basket Limitation for Restricted Payments to be Made			100.00%
Debt Instrument Exceptions To Restricted Payments Covenant Investments In Joint Ventures And Other Investments To Tangible Net Assets Percentage			15.00%
Debt Instrument Exceptions To Restricted Payments Covenant Maximum General Basket Amount			$ 15,000,000
Percent Of Consolidated Tangible Assets General Basket Exception To Limitation For Restricted Payments To Be Made, Covenant Maximum General Basket, Percent			3.00%
Debt Instrument, Conditions of Guarantee Release, Percentage of Tangible Assets Attributable to Immaterial Subsidiaries, Threshold for No Release						5.00%
Senior Notes [Member] | 7.25% Senior Notes Due 2025 [Member] | Forecast [Member]
Percent of Debt Instrument Face Amount, Value Issued										107.25%
Senior Notes [Member] | 7.25% Senior Notes Due 2025 [Member] | Change in Control [Member]
Percent of Debt Instrument Face Amount, Value Issued						101.00%
Senior Notes [Member] | 7.25 % Senior Notes Due 2025, Additional [Member]
Debt Instrument, Face Amount											$ 35,000,000
Debt Instrument, Interest Rate, Stated Percentage											7.25%
Percent of Debt Instrument Face Amount, Value Issued											103.25%
Debt Instrument, Interest Rate											6.427%
Debt Instrument, Unamortized Discount (Premium), Net, Total					(1,000,000)			(1,000,000)
Debt Issuance Costs, Net, Total					$ 5,400,000			$ 5,400,000

Note 9 - Senior Notes and Uns_4

Note 9 - Senior Notes and Unsecured Revolving Credit Facility - Indebtedness (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Senior Notes		$ 280,579	$ 244,865
Total Indebtedness		280,579	244,865
Revolving Credit Facility [Member]
Long-term Line of Credit, Total		0	0
7.25% Senior Notes Due 2025 [Member] | Senior Notes [Member]
Senior Notes	[1]	$ 280,579	$ 244,865
[1]	The carrying value for the 2025 Notes, as presented at June 30, 2021, is net of unamortized premium of $1.0 million, and unamortized debt issuance costs of $5.4 million. The carrying value for the 2025 Notes, as presented at December 31, 2020, is net of unamortized debt issuance costs of $5.1 million. The unamortized unamortized premium and debt issuance costs are not factored into the estimated fair value.

Note 9 - Senior Notes and Uns_5

Note 9 - Senior Notes and Unsecured Revolving Credit Facility - Indebtedness (Details) (Parentheticals)	Oct. 28, 2020
7.25% Senior Notes Due 2025 [Member] | Senior Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	7.25%

Note 9 - Senior Notes and Uns_6

Note 9 - Senior Notes and Unsecured Revolving Credit Facility - Redemption Prices (Details) - 7.25% Senior Notes Due 2025 [Member] - Senior Notes [Member]	Oct. 28, 2020	Jun. 30, 2021
Redemption Price	101.813%
Year 2022 [Member]
Redemption Price		103.625%
Year 2023 [Member]
Redemption Price		101.813%
Year 2024 [Member]
Redemption Price		100.00%

Note 10 - Fair Value Disclosu_3

Note 10 - Fair Value Disclosures (Details Textual) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Impairment of Real Estate	$ 0	$ 19,000			$ 19,000
Impaired Inventory, Ending Balance	0	79,033		$ 0	79,033
Unconsolidated Joint Ventures [Member]
Equity Method Investment, Other than Temporary Impairment	0	20,000		0	22,300
Russell Ranch [Member]
Equity Method Investment, Other than Temporary Impairment		$ 20,000			$ 20,000
Bedford [Member]
Equity Method Investment, Other than Temporary Impairment			$ 2,300
Senior Notes [Member] | 7.25 % Senior Notes Due 2025, Additional [Member]
Debt Instrument, Unamortized Discount (Premium), Net, Total	(1,000)			(1,000)
Debt Issuance Costs, Net, Total	5,400			5,400
Senior Notes [Member] | 7.25% Senior Notes Due 2025 [Member]
Debt Issuance Costs, Net, Total	$ 5,400			$ 5,400		$ 5,100

Note 10 - Fair Value Disclosu_4

Note 10 - Fair Value Disclosures - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Senior notes, net		$ 280,579	$ 244,865
Senior Notes [Member] | 7.25% Senior Notes Due 2025 [Member]
Senior notes, net	[1]	280,579	244,865
Senior Notes, fair value	[1]	$ 299,963	$ 256,875
[1]	The carrying value for the 2025 Notes, as presented at June 30, 2021, is net of unamortized premium of $1.0 million, and unamortized debt issuance costs of $5.4 million. The carrying value for the 2025 Notes, as presented at December 31, 2020, is net of unamortized debt issuance costs of $5.1 million. The unamortized unamortized premium and debt issuance costs are not factored into the estimated fair value.

Note 10 - Fair Value Disclosu_5

Note 10 - Fair Value Disclosures - Fair Value of Financial Instruments (Details) (Parentheticals)	Oct. 28, 2020
Senior Notes [Member] | 7.25% Senior Notes Due 2025 [Member]
Interest rate	7.25%

Note 11 - Commitments and Con_3

Note 11 - Commitments and Contingencies (Details Textual) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Estimated Litigation Liability		$ 7,100,000		$ 7,100,000
Increase (Decrease) in Litigation Reserve				400,000
Insurance Settlements Receivable	[1]	5,166,000		5,166,000		$ 4,816,000
Increase (Decrease) in Insurance Settlements Receivable				400,000
Operating Lease, Right-of-Use Asset		2,670,000		2,670,000		2,997,000
Operating Lease, Liability, Total	[2]	2,886,000		2,886,000
Short-term Lease, Cost		0	$ 30,000	0	$ 100,000
Sublease Income		$ 61,000	$ 59,000	$ 122,000	$ 118,000
Operating Lease, Weighted Average Remaining Lease Term (Year)		3 years 9 months 18 days		3 years 9 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent		4.70%		4.70%
Accrued Liabilities and Other Liabilities [Member]
Estimated Litigation Liability	[3]	$ 7,078,000		$ 7,078,000		5,641,000
Operating Lease, Liability, Total		2,886,000		2,886,000		3,180,000
Surety Bond [Member]
Loss Contingency, Range of Possible Loss, Portion Not Accrued		42,000,000		42,000,000		44,000,000
Loss Contingency, Estimated Remaining Costs of Work to be Completed		21,100,000		21,100,000		16,300,000
Construction Defect Claims [Member]
Estimated Litigation Liability						5,600,000
Insurance Settlements Receivable						4,800,000
Claim Specific Litigation Reserve [Member]
Estimated Litigation Liability						1,000,000
Insurance Settlements Receivable						1,000,000
IBNR Construction Defect Claims [Member]
Estimated Litigation Liability		$ 1,100,000		$ 1,100,000		4,600,000
Insurance Settlements Receivable						$ 3,800,000
[1]	At December 31, 2020, the Company recorded insurance receivables of $4.8 million which was related to expected insurance reimbursements for $1.0 million in litigation reserves related to one claim and $3.8 million of IBNR litigation reserves. During the six months ended June 30, 2021, the claim-specific litigation reserve was increased by $0.4 million, all of which is expected to be reimbursed by insurance resulting in an increase of the same amount to insurance receivables. For more information, please refer to Note 8.
[2]	The weighted average remaining lease term and weighted average incremental borrowing rate used in calculating our lease liabilities were 4.0 years and 4.7%, respectively at June 30, 2021.
[3]	At December 31, 2020, litigation reserves of $5.6 million were recorded related to construction defect claim reserves which consisted of $1.0 million for a claim-specific reserve and $4.6 million for IBNR construction defect claims. During the six months ended June 30, 2021, the Company increased its claim-specific reserve by $0.4 million and recorded estimated insurance receivables of the same amount as the self-insured retention deductible has been met for this claim. Also during the six months ended June 30, 2021, the Company recorded $1.1 million of additional IBNR reserves within litigation reserves.

Note 11 - Commitments and Con_4

Note 11 - Commitments and Contingencies - Lease Costs and Cash Flow Information for Leases (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Lease costs included in general and administrative expenses		$ 266	$ 314	$ 526	$ 625
Lease costs included in real estate inventories		90	111	153	208
Lease costs included in selling and marketing expenses		28	59	57	98
Net lease cost	[1]	384	484	736	931
Lease cash flows (included in operating cash flows)(1)	[1]	$ 373	$ 518	$ 671	$ 1,016
[1]	Amount does not include the cost of short-term leases with terms of less than one year which totaled approximately $0, $0, $30,000 and $0.1 million for the three and six months ended June 30, 2021 and 2020, respectively, or the benefit from a sublease agreement of one of our office spaces which totaled approximately $61,000, $122,000, $59,000 and $118,000 for the three and six months ended June 30, 2021 and 2020, respectively.

Note 11 - Commitments and Con_5

Note 11 - Commitments and Contingencies - Future Minimum Lease Payments Under Operating Leases (Details) $ in Thousands	Jun. 30, 2021USD ($)
Remaining for 2021	$ 611
2022	773
2023	631
2024	588
2025	479
Thereafter	0
Total lease payments(1)	3,082	[1]
Less: Interest(2)	196	[2]
Operating Lease, Liability, Total	$ 2,886	[3]
[1]	Lease payments include options to extend lease terms that are reasonably certain of being exercised.
[2]	Our leases do not provide a readily determinable implicit rate. Therefore, we utilized our incremental borrowing rate for such leases to determine the present value of lease payments at the lease commencement date. There were no legally binding minimum lease payments for leases signed but not yet commenced at June 30, 2021 and December 31, 2020.
[3]	The weighted average remaining lease term and weighted average incremental borrowing rate used in calculating our lease liabilities were 4.0 years and 4.7%, respectively at June 30, 2021.

Note 12 - Related Party Trans_2

Note 12 - Related Party Transactions (Details Textual) - USD ($)	May 01, 2021	Mar. 01, 2020	Jun. 26, 2019	Mar. 01, 2019	Jun. 26, 2015	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2018
Due from Affiliates						$ 61,000	$ 102,000			$ 61,000		$ 61,000
Equity Method Investments						769,000	2,107,000			769,000		769,000
Income (Loss) from Equity Method Investments, Total						0			$ (19,962,000)	174,000	$ (21,899,000)
Land Owner Fees Reimbursed									15,000
Bedford 2 [Member]
Equity Method Investment, Other than Temporary Impairment											$ 2,300,000
Proceeds from Sale of Equity Method Investments								$ 5,100,000
Joint Venture, Option Rights, Percentage											30.00%
Unconsolidated Joint Ventures [Member]
Equity Method Investment, Other than Temporary Impairment						0			20,000,000	0	$ 22,300,000
Income (Loss) from Equity Method Investments, Total							4,500,000
Proceeds from Sale of Equity Method Investments								$ 5,100,000
Related Party [Member]
Common Stock Beneficial Ownership Percentage, Significant Amount Threshold													10.00%
TNHC Merdian Investors LLC, and TNHC Russel Ranch LLC [Member]
Equity Method Investments						100,000	100,000			100,000		100,000
TNHC-HW Cannery LLC [Member]
Due from Affiliates						0	0			0		0
Deferred Profit From Lot Transactions						100,000	100,000			100,000		100,000
Consultant Redwitz [Member]
Related Party Transaction, Monthly Consulting Fee	$ 10,000	$ 5,000
Bedford [Member]
Master Marketing Fees						0			8,000	0	17,000
Bedford 2 [Member]
Master Marketing Fees						22,000			17,000	60,000	42,000
Construction-related Costs [Member] | Corporate Joint Venture [Member]
Related Party Transaction, Expenses from Transactions with Related Party						100,000			1,000,000	300,000	2,200,000
Due from Affiliates						100,000	100,000			100,000		100,000
Management Fees [Member] | Corporate Joint Venture [Member]
Due from Affiliates						0	36,000			0		0
Revenue from Related Parties						0			200,000	100,000	$ 600,000
Monthly Consulting Fee [Member] | Consultant Davis [Member]
Related Party Transaction, Amounts of Transaction			$ 1,000		$ 5,000
Accounts Payable, Related Parties						0				0		0
Monthly Consulting Fee [Member] | Consultant Redwitz [Member]
Related Party Transaction, Amounts of Transaction				$ 10,000
Accounts Payable, Related Parties						0				$ 0		0
Arizona Master Plan [Member] | 10% Common Stock Affiliate [Member]
Purchase Options, Land														$ 3,800,000
Percentage of Optioned Lots Taken Down										36.00%	11.00%
Deposits Assets						100,000	$ 200,000			$ 100,000		100,000
Master Marketing Fees						$ 22,000			$ 0	$ 0	$ 0	$ 44,000

Note 13 - Stock-based Compens_3

Note 13 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions	May 18, 2021	Jun. 30, 2021	May 22, 2018	May 24, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)		10 years
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 3.5
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		1 year 10 months 24 days
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		1 year
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		3 years
The 2014 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Plan Term (Year)		10 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)		1,644,875
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)		3,338
The 2016 Incentive Plan, Amended and Restated [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	4,000,000		2,100,000	800,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)	1,900,000
The 2016 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)		1,955,714

Note 13 - Stock-based Compens_4

Note 13 - Stock-based Compensation - Common Stock Option Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Common Stock Options Outstanding, number of shares (in shares)	1,220,695	1,068,017
Common Stock Options Outstanding, weighted-average exercise price per share (in dollars per share)	$ 9.18	$ 9.78
Common Stock Options Granted, number of shares (in shares)	0	161,479
Common Stock Options Granted, weighted-average exercise price per share (in dollars per share)	$ 0	$ 5.36
Common Stock Options Exercised, number of shares (in shares)	0	0
Common Stock Options Exercised, weighted-average exercise price per share (in dollars per share)	$ 0	$ 0
Common Stock Options Forfeited, number of shares (in shares)	0	0
Common Stock Options Forfeited, weighted-average exercise price per share (in dollars per share)	$ 0	$ 0
Common Stock Options Outstanding, number of shares (in shares)	1,220,695	1,229,496
Common Stock Options Outstanding, weighted-average exercise price per share (in dollars per share)	$ 9.18	$ 9.20
Common Stock Options Exercisable, number of shares (in shares)	1,029,950	901,829
Common Stock Options Exercisable, weighted-average exercise price per share (in dollars per share)	$ 9.86	$ 10.52

Note 13 - Stock-based Compens_5

Note 13 - Stock-based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Restricted Stock Units Outstanding, number of shares (in shares)	704,890	592,116
Restricted Stock Units Outstanding, weighted-average grant date fair value per share (in dollars per share)	$ 5.11	$ 6.36
Restricted Stock Units Granted, number of shares (in shares)	432,617	358,869
Restricted Stock Units Granted, weighted-average grant date fair value per share (in dollars per share)	$ 5.50	$ 4.78
Restricted Stock Units Vested, number of shares (in shares)	(279,678)	(244,812)
Restricted Stock Units Vested, weighted-average grant date fair value per share (in dollars per share)	$ 5.47	$ 7.61
Restricted Stock Units Forfeited, number of shares (in shares)	(5,833)	(428)
Restricted Stock Units Forfeited, weighted-average grant date fair value per share (in dollars per share)	$ 5.46	$ 11.68
Restricted Stock Units Outstanding, number of shares (in shares)	851,996	705,745
Restricted Stock Units Outstanding, weighted-average grant date fair value per share (in dollars per share)	$ 5.19	$ 5.12

Note 13 - Stock-based Compens_6

Note 13 - Stock-based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Stock options	$ 613	$ 521	$ 1,258	$ 1,110
Share-based Payment Arrangement, Option [Member]
Stock options	77	81	168	145
Restricted Stock Units and Performance Share Units [Member]
Stock options	$ 536	$ 440	$ 1,090	$ 965

Note 13 - Stock-based Compens_7

Note 13 - Stock-based Compensation - Valuation Assumptions for Common Stock Options Granted (Details)	6 Months Ended
	Jun. 30, 2020$ / shares
Expected term (in years) (Year)	6 years
Expected volatility	41.80%
Risk-free interest rate	1.40%
Expected dividends	0.00%
Weighted-average grant date fair value per share (in dollars per share)	$ 2.24

Note 14 - Income Taxes (Details

Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Expense (Benefit), Total	$ 1,346	$ (16,929)	$ 1,797	$ (26,866)
Tax Adjustments, Settlements, and Unusual Provisions			200
Income Tax Expense (Benefit), Discrete Tax Items		(1,800)		(9,900)
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount				5,800
Impairment of Long-Lived Assets to be Disposed of	$ 21	94	$ 89	14,130
Income Tax Benefit, CARES Act				3,900
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability		$ (1,800)		$ (3,900)

Note 14 - Income Taxes - Compon

Note 14 - Income Taxes - Components of Deferred Income Tax Asset (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Net operating loss carryforwards	$ 5,808	$ 5,808
Tax credit carryforwards	2,202	2,401
Reserves and accruals	2,875	2,870
Share based compensation	1,524	1,441
Inventory	2,147	3,142
Investments in joint ventures	963	1,226
Other	180	26
Depreciation and amortization	(657)	(653)
Right-of-use lease asset	(774)	(814)
Deferred tax asset, net	$ 14,268	$ 15,447

Note 15 - Segment Information_2

Note 15 - Segment Information (Details Textual) $ in Millions	Feb. 26, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Jun. 30, 2021USD ($)
Number of Reportable Segments				4
The Epic Acquisition [Member]
Business Combination, Acquisition Related Costs	$ 1
Home Building [Member] | Colorado 1 [Member]
Cost, Purchase Accounting Adjustments		$ 0.7		$ 1
Home Building [Member] | Colorado 1 [Member] | The Epic Acquisition [Member]
Business Combination, Acquisition Related Costs			$ 1
Home Building [Member] | Colorado 1 [Member] | The Epic Acquisition [Member] | Tail Insurance Premiums [Member]
Business Combination, Acquisition Related Costs			0.8
Home Building [Member] | Colorado 1 [Member] | The Epic Acquisition [Member] | Professional Fees [Member]
Business Combination, Acquisition Related Costs			$ 0.2
Home Building Segment [Member]
Number of Reportable Segments				3

Note 15 - Segment Information -

Note 15 - Segment Information - Financial Information Relating to Reportable Segments (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Revenues		$ 140,526	$ 98,960	$ 239,682	$ 230,993
Pretax income (loss)		6,120	(41,222)	7,124	(59,635)
Total assets		545,486		545,486		$ 495,699
Corporate, Non-Segment [Member]
Total assets		98,131		98,131		126,146
Home Building Segment [Member]
Total assets		444,781		444,781		365,797
Fee Building Segment [Member]
Total assets		2,574		2,574		3,756
California 1 [Member] | Home Building Segment [Member]
Pretax income (loss)			17,800		17,800
Total assets		287,008		287,008		295,340
Arizona 1 [Member] | Home Building Segment [Member]
Pretax income (loss)			1,200		1,200
Total assets		82,484		82,484		70,457
Colorado 1 [Member] | Home Building Segment [Member]
Total assets		75,289		75,289		$ 0
Home Building [Member]
Revenues		135,940	77,757	229,795	173,416
Pretax income (loss)		6,028	(41,430)	6,928	(60,573)
Home Building [Member] | California 1 [Member]
Revenues		101,917	71,597	185,131	154,877
Pretax income (loss)		7,198	(38,238)	11,085	(42,689)
Home Building [Member] | Arizona 1 [Member]
Revenues		18,366	6,160	26,064	18,539
Pretax income (loss)		(730)	(3,192)	(2,353)	(17,884)
Home Building [Member] | Colorado 1 [Member]
Revenues		15,657	0	18,600	0
Pretax income (loss)	[1]	(440)	0	(1,804)	0
Land [Member]
Revenues		0	10	0	157
Land [Member] | California 1 [Member]
Revenues		0	10	0	157
Homebuilding and Land [Member]
Revenues		135,940	77,767	229,795	173,573
Construction [Member]
Revenues		4,586	21,193	9,887	57,420
Pretax income (loss)		$ 92	$ 208	$ 196	$ 938
[1]	Includes $1.0 million of transaction costs, $0.8 million of which was tail insurance premiums and $0.2 million in professional fees, related to the acquisition of Epic Homes that were expensed in the period of acquisition during the 2021 first quarter. In addition, the Colorado pretax loss includes $0.7 million and $1.0 million in additional cost of sales related to purchase accounting adjustments for the three and six months ended June 30, 2021, respectively.

Note 16 - Supplemental Disclo_3

Note 16 - Supplemental Disclosure of Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Interest paid, net of amounts capitalized	$ 0	$ 1,398
Income taxes paid	185	0
Proceeds from income tax refunds	(1,981)	(208)
Assets acquired related to business combination, net of cash acquired	33,326	0
Liabilities assumed and incurred related to business combination, net of $280 PPP loan forgiven	$ 33,046	$ 0

Note 16 - Supplemental Disclo_4

Note 16 - Supplemental Disclosure of Cash Flow Information - Supplemental Cash Flow Information (Details) (Parentheticals) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Paycheck Protection Program CARES Act [Member]
PPP loan forgiven	$ 280

Note 17 - Subsequent Events (De

Note 17 - Subsequent Events (Details Textual) - Newport Holdings, LLC [Member] - Subsequent Event [Member] $ / shares in Units, $ in Thousands	Jul. 23, 2021USD ($)$ / shares
Business Acquisition, Share Price (in dollars per share) | $ / shares	$ 9
Business Acquisition, Termination Fee	$ 4,760
Business Acquisition, Reverse Termination Fee	$ 15,000