4.	Land Under Development

On a limited basis, NVR directly acquires raw parcels of land already zoned for its intended use to develop into finished lots. Land under development includes the land acquisition costs, direct improvement costs, capitalized interest where applicable, and real estate taxes. As of June 30, 2015, NVR directly owned four separate raw parcels of land with a carrying value of $25,554 that it intends to develop into approximately 380 finished lots. Of the total finished lots, approximately 90 lots are under contract to be sold to an unrelated party under lot purchase agreements. During the three and six months ended June 30, 2015, the Company sold one and six lots, respectively, pursuant to these lot purchase agreements for an aggregate sales price of $259 and $1,535, respectively. No lots were sold to unrelated parties during the first six months of 2014. The Company capitalizes interest costs to land under development during the active development of finished lots (see Note 5 for further discussion of capitalized interest). None of the raw parcels had any indicators of impairment as of June 30, 2015. Based on market conditions, NVR may on a limited basis continue to directly acquire additional raw parcels to develop into finished lots.