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REAL ESTATE AND CAPITALIZED INTEREST (Tables)
 12 Months Ended
Dec. 31, 2022
Inventory Disclosure [Abstract]  
Schedule of Real Estate
Real estate consists of the following (in thousands):
 
At December 31,
20222021
Homes under contract under construction (1)$822,428 $1,039,822 
Unsold homes, completed and under construction (1)1,155,543 484,999 
Model homes (1)97,198 81,049 
Finished home sites and home sites under development (2) (3)2,283,094 2,128,538 
$4,358,263 $3,734,408 
 
(1)Includes the allocated land and land development costs associated with each lot for these homes.
(2)Includes raw land, land held for development and land held for sale, less impairments, if any. We do not capitalize interest for inactive assets, and all ongoing costs of land ownership (i.e. property taxes, homeowner association dues, etc.) are expensed as incurred.
(3)Includes land held for sale of $66.8 million and $62.1 million as of December 31, 2022 and 2021, respectively.
Summary of Capitalized Interest A summary of our capitalized interest is as follows (in thousands):
 
 Years Ended December 31,
 202220212020
Capitalized interest, beginning of year$56,253 $58,940 $82,014 
Interest incurred60,599 62,836 66,289 
Interest expensed(41)(318)(2,177)
Interest amortized to cost of home and land closings(56,642)(65,205)(87,186)
Capitalized interest, end of year (1)$60,169 $56,253 $58,940 
 
(1)Approximately $208,000, $208,000 and $217,000 of the capitalized interest is related to our joint venture investments and is a component of Investments in unconsolidated entities in our consolidated balance sheets as of December 31, 2022, 2021 and 2020, respectively.