Inventories

Inventories consisted of the following (in thousands):



	February 28, 2019		November 30, 2018
Homes under construction	$	1,189,910	$	1,125,152
Land under development	2,250,969		2,219,936
Land held for future development or sale (a)	242,884		237,751
Total	$	3,683,763	$	3,582,839

(a) Land held for sale totaled $27.8 million at February 28, 2019 and $9.8 million at November 30, 2018.

Interest is capitalized to inventories while the related communities or land parcels 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). For land held for future development or sale, applicable interest is expensed as incurred.

Our interest costs were as follows (in thousands):



	Three Months Ended February 28,
	2019			2018
Capitalized interest at beginning of period	$	209,129		$	262,191
Interest incurred	34,788			39,944
Interest amortized to construction and land costs (a)	(30,547		)	(42,350		)
Capitalized interest at end of period (b)	$	213,370		$	259,785


(a)	Interest amortized to construction and land costs for the three months ended February 28, 2019 and 2018 included $.6 million and $1.0 million, respectively, related to land sales during the periods.


(b)	Capitalized interest amounts reflect the gross amount of capitalized interest, as inventory impairment charges recognized, if any, are not generally allocated to specific components of inventory.