Inventory (Tables)

3 Months Ended

Jan. 31, 2025

Major components of inventory at January 31, 2025 and October 31, 2024 were (amounts in thousands):


	January 31, 2025		October 31, 2024
Land deposits and costs of future communities	$	734,671	$	620,040
Land and land development costs	2,587,654		2,532,221
Land and land development costs associated with homes under construction	3,956,943		3,617,266
Total land and land development costs	7,279,268		6,769,527

Homes under construction	2,901,900		2,458,541
Model homes (1)	496,334		484,857
	$	10,677,502	$	9,712,925

(1) Includes the allocated land and land development costs associated with each of our model homes in operation.

The following table provides a summary of the composition of our inventory based on community status at January 31, 2025 and October 31, 2024 (amounts in thousands):


	January 31, 2025		October 31, 2024
Land controlled for future communities	$	234,777	$	200,166
Land owned for future communities	692,121		353,030
Operating communities	9,750,604		9,159,729
	$	10,677,502	$	9,712,925

Schedule of Inventory Impairment Charges

The amounts we have provided for inventory impairment charges and the expensing of costs that we believed not to be recoverable, included in home sales cost of revenues, are shown in the table below (amounts in thousands):


	Three months ended January 31,
		2025		2024
Land controlled for future communities		$	3,957	$	1,471

Operating communities		12,460		—
		$	16,417	$	1,471

Schedule of Interest Incurred, Capitalized and Expensed

Interest incurred, capitalized, and expensed, for the periods indicated, were as follows (amounts in thousands):


	Three months ended January 31,
		2025		2024
Interest capitalized, beginning of period		$	179,797	$	190,550
Interest incurred		34,203		33,960
Interest expensed to home sales cost of revenues		(20,076)		(23,579)
Interest expensed to land sales and other cost of revenues		(15)		(294)


Interest capitalized on investments in unconsolidated entities		(1,703)		(2,489)

Previously capitalized interest on investments in unconsolidated entities transferred to inventory		111		142
Interest capitalized, end of period		$	192,317	$	198,290