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Inventories
 9 Months Ended
Aug. 31, 2017
Inventory Disclosure [Abstract]  
Inventories
Inventories
Inventories consisted of the following (in thousands):
 
August 31,
2017
 
November 30,
2016
Homes under construction
$
1,501,477

 
$
1,245,938

Land under development
1,584,478

 
1,727,657

Land held for future development or sale (a)
427,839

 
429,633

Total
$
3,513,794

 
$
3,403,228


(a)    Land held for sale totaled $56.1 million at August 31, 2017 and $63.4 million at November 30, 2016.
Interest is capitalized to inventories while the related communities or land are being actively developed and until homes are completed or the land is available for immediate sale. Capitalized interest is amortized to construction and land costs as the related inventories are delivered to homebuyers or land buyers (as applicable). Interest and real estate taxes are not capitalized on land held for future development or sale.
Our interest costs were as follows (in thousands):
 
Three Months Ended August 31,
 
Nine Months Ended August 31,
 
2017
 
2016
 
2017
 
2016
Capitalized interest at beginning of period
$
303,984

 
$
309,045

 
$
306,723

 
$
288,442

Interest incurred (a)
43,434

 
46,485

 
136,857

 
138,994

Interest expensed (a)
—

 
—

 
(6,307
)
 
(5,667
)
Interest amortized to construction and land costs (b)
(55,204
)
 
(40,424
)
 
(145,059
)
 
(106,663
)
Capitalized interest at end of period (c)
$
292,214

 
$
315,106

 
$
292,214

 
$
315,106


(a)
Interest incurred and interest expensed for the nine months ended August 31, 2017 included a charge of $5.7 million for the early extinguishment of debt.
(b)
Interest amortized to construction and land costs for the three months ended August 31, 2017 included $.2 million related to land sales during the period. We had no land sale activity for the three months ended August 31, 2016. Interest amortized to construction and land costs for the nine months ended August 31, 2017 and 2016 included $1.8 million and $.5 million, respectively, related to land sales during those periods.
(c)
Capitalized interest amounts presented in the table reflect the gross amount of capitalized interest, as inventory impairment charges recognized, if any, are not generally allocated to specific components of inventory.