Real Estate Inventories (Tables)

6 Months Ended

Jun. 30, 2019

Real Estate [Abstract]

Summary of Real Estate Inventories

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

	June 30, 2019		December 31, 2018
Real estate inventories:
Land deposits	$	127,068	$	147,327
Land and land under development	521,934		660,151
Finished lots	744,163		564,460
Homes completed and under construction	832,886		839,316
Model homes	123,387		121,953
Total	$	2,349,438	$	2,333,207
Real estate inventories not owned (1):
Other land options contracts — land banking arrangement	$	240,015	$	315,576

(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.