Inventories (Tables)

12 Months Ended

Nov. 30, 2019

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following (in thousands):

	November 30,
	2019		2018
Homes completed or under construction	$	1,340,412	$	1,125,152
Land under development	2,213,713		2,219,936
Land held for future development or sale (a)	150,477		237,751
Total	$	3,704,602	$	3,582,839

(a)

Land held for sale totaled $19.3 million at November 30, 2019 and $9.8 million at November 30, 2018.

Interest costs

Our interest costs were as follows (in thousands):

	Years Ended November 30,
	2019			2018			2017
Capitalized interest at beginning of year	$	209,129		$	262,191		$	306,723
Interest incurred	143,412			149,698			171,486
Interest expensed	—			—			(622		)
Interest amortized to construction and land costs (a)	(156,803		)	(202,760		)	(215,396		)
Capitalized interest at end of year (b)	$	195,738		$	209,129		$	262,191

(a) Interest amortized to construction and land costs for the years ended November 30, 2019, 2018 and 2017 included $.7 million $4.8 million and $4.9 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.