Inventory

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Inventory

INVENTORY

A summary of inventory is as follows (in thousands):

	March 31, 2021		December 31, 2020
Homes completed or under construction	$	466,128	$	356,706
Land and lots - developed and under development	440,622		482,371
Land held for sale	14,140		5,558
Total inventory	$	920,890	$	844,635

A summary of interest costs incurred, capitalized and expensed is as follows (in thousands):

	Three Months Ended March 31,
	2021			2020
Interest capitalized at beginning of period	$	17,520		$	18,596
Interest incurred	2,851			2,959
Interest charged to cost of revenues	(1,991)			(2,679)
Interest capitalized at end of period	$	18,380		$	18,876
Capitalized interest as a percentage of inventory	2.0		%	2.4		%

As of March 31, 2021, the Company reviewed the performance and outlook for all of its communities for indicators of potential impairment and performed detailed impairment analysis when necessary. As of March 31, 2021, the Company did not identify any selling communities with indicators of impairment. For the three months ended March 31, 2021, the Company did not record an impairment adjustment to reduce the carrying value of impaired communities to fair value.

The Company recorded a de minimis impairment adjustment to reduce the carrying value of impaired communities to fair value during the three months ended March 31, 2020.