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REAL ESTATE AND CAPITALIZED INTEREST
 3 Months Ended
Mar. 31, 2024
Inventory Disclosure [Abstract]  
REAL ESTATE AND CAPITALIZED INTEREST REAL ESTATE AND CAPITALIZED INTEREST
Real estate consists of the following (in thousands):
As of
March 31, 2024December 31, 2023
Homes under contract under construction (1)
$858,943 $704,206 
Unsold homes, completed and under construction (1)
1,304,633 1,260,855 
Model homes (1)
118,958 118,252 
Finished home sites and home sites under development (2)
2,631,978 2,637,978 
Total$4,914,512 $4,721,291 

(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.
Subject to sufficient qualifying assets, we capitalize our development period interest costs incurred to applicable qualifying assets in connection with our real estate development and construction activities. Capitalized interest is allocated to active real estate when incurred and charged to Cost of closings when the related property is delivered. A summary of our capitalized interest is as follows (in thousands):
 Three Months Ended March 31,
 20242023
Capitalized interest, beginning of period$54,516 $60,169 
Interest incurred12,925 15,030 
Interest expensed— — 
Interest amortized to cost of home and land closings(13,214)(12,747)
Capitalized interest, end of period$54,227 $62,452