Real Estate Inventories

3 Months Ended

Mar. 31, 2018

Real Estate [Abstract]

Real Estate Inventories

Real Estate Inventories

Real estate inventories consist of the following (in thousands):

	March 31, 2018		December 31, 2017
Real estate inventories:
Land deposits	$	57,775	$	51,833
Land and land under development	992,290		904,410
Homes completed and under construction	905,752		646,198
Model homes	96,000		97,409
Total	$	2,051,817	$	1,699,850
Real estate inventories not owned (1):
Other land options contracts — land banking arrangement	$	282,169	$	—

(1) Represents the consolidation of a land banking arrangement. Although the Company is not obligated to purchase the lots, based on certain factors, the Company has determined that it is economically compelled to purchase the lots in the land banking arrangement and thus, has consolidated the assets and liabilities associated with this land bank. Amounts are net of deposits.