Inventory

A summary of the Company’s inventory as of December 31, 2016 and 2015 is as follows:



	December 31,
(In thousands)	2016		2015
Single-family lots, land and land development costs	$	602,528	$	584,542
Land held for sale	12,155		12,630
Homes under construction	494,664		420,206
Model homes and furnishings - at cost (less accumulated depreciation: December 31, 2016 - $11,835; December 31, 2015 - $8,296)	68,727		63,929
Community development district infrastructure	476		1,018
Land purchase deposits	29,856		23,710
Consolidated inventory not owned	7,528		6,007
Total inventory	$	1,215,934	$	1,112,042

Single-family lots, land and land development costs include raw land that the Company has purchased to develop into lots, costs incurred to develop the raw land into lots, and lots for which development has been completed, but which have not yet been used to start construction of a home.

Homes under construction include homes that are in various stages of construction. As of December 31, 2016 and 2015, we had 996 homes (with a carrying value of $199.4 million) and 872 homes (with a carrying value of $184.3 million), respectively, included in homes under construction that were not subject to a sales contract.

Model homes and furnishings include homes that are under construction or have been completed and are being used as sales models. The amount also includes the net book value of furnishings included in our model homes. Depreciation on model home furnishings is recorded using an accelerated method over the estimated useful life of the assets, which is typically three years.

The Company assesses inventory for recoverability on a quarterly basis. Refer to Notes 1 and 3 of our Consolidated Financial Statements for additional details relating to our procedures for evaluating our inventories for impairment.

Land purchase deposits include both refundable and non-refundable amounts paid to third party sellers relating to the purchase of land. On an ongoing basis, the Company evaluates the land option agreements relating to the land purchase deposits. In the period during which the Company makes the decision not to proceed with the purchase of land under an agreement, the Company writes off any deposits and accumulated pre-acquisition costs relating to such agreement.