Inventory

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Inventory

2. REAL ESTATE INVENTORY

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

	March 31, 2025		December 31, 2024
Homes completed or under construction	$	681,337	$	678,198
Land and lots - developed and under development	1,280,175		1,234,532
Land held for future development(1)	14,481		14,481
Land held for sale	10,532		10,521
Total inventory	$	1,986,525	$	1,937,732

(1)Land held for future development consists of raw land parcels where development activities have been postponed due to market conditions or other factors. All applicable carrying costs, including property taxes, are expensed as incurred.

As of March 31, 2025, the Company reviewed the performance and outlook for all of its communities for indicators of potential impairment and performed detailed impairment analysis when such indicators were identified. For the three months ended March 31, 2025 and 2024, the Company did not record an impairment adjustment to reduce the carrying value of communities or land inventory to fair value.

Capitalized interest

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

	Three Months Ended March 31,
	2025			2024
Interest capitalized at beginning of period	$	26,621		$	24,126
Interest incurred	3,441			3,451
Interest charged to cost of revenues	(2,262)			(2,684)
Interest capitalized at end of period	$	27,800		$	24,893
Capitalized interest as a percentage of inventory	1.4		%	1.5		%