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Investments in Unconsolidated Joint Ventures (Financial Information for Unconsolidated Joint Ventures) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |  |  |  |  |  |  |  |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Aug. 31, 2024 USD ($) joint_venture | Aug. 31, 2023 USD ($) | Aug. 31, 2024 USD ($) joint_venture | Aug. 31, 2023 USD ($) | Apr. 30, 2025 USD ($) | Oct. 31, 2024 USD ($) | May 31, 2024 USD ($) | Apr. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | Nov. 30, 2023 USD ($) joint_venture | May 31, 2023 USD ($) | Nov. 30, 2022 USD ($)
Schedule of Equity Method Investments [Line Items] |  |  |  |  |  |  |  |  |  |  |  |  |
Number of investments in unconsolidated joint ventures | joint_venture |  | 6 |  | 6 |  |  |  |  |  |  | 6 |  |
Statements of operations of unconsolidated joint venture |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ 157,329 | $ 149,933 | $ 464,413 | $ 439,875 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  | 6,839,880 |  | 6,839,880 |  |  |  |  |  |  | $ 6,648,362 |  |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |
Equity |  | 3,987,094 | 3,830,128 | 3,987,094 | 3,830,128 |  |  | $ 3,991,704 |  |  | 3,810,140 | $ 3,766,482 | $ 3,660,795
Total liabilities and stockholders’ equity |  | $ 6,839,880 |  | $ 6,839,880 |  |  |  |  |  |  | $ 6,648,362 |  |
Number of joint ventures with funding commitments | joint_venture |  | 1 |  | 1 |  |  |  |  |  |  | 1 |  |
Number of other unconsolidated joint ventures with outstanding debt | joint_venture |  | 0 |  | 0 |  |  |  |  |  |  | 0 |  |
Homebuilding |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ 374,911 |  | $ 374,911 |  |  |  |  |  |  | $ 727,076 |  |
Other assets |  | 113,675 |  | 113,675 |  |  |  |  |  |  | 96,987 |  |
Total assets |  | 6,777,101 |  | 6,777,101 |  |  |  |  |  |  | 6,591,483 |  |
Financial services |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 782 |  | 782 |  |  |  |  |  |  | 266 |  |
Other assets | [1] | 38,599 |  | 38,599 |  |  |  |  |  |  | 34,476 |  |
Total assets |  | 62,779 |  | 62,779 |  |  |  |  |  |  | 56,879 |  |
Financial services | Interest Rate Lock Commitments |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative asset, notional amount |  | 17,600 |  | 17,600 |  |  |  |  |  |  | 13,900 |  |
Change in fair value included in gain (loss) on sale of mortgage loans held for sale |  | (400) | (5,200) | $ 3,800 | (9,400) |  |  |  |  |  |  |  |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Unsecured revolving credit facility |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |
Line of credit facility, current borrowing capacity |  |  |  |  |  |  |  |  | $ 70,000 | $ 62,000 |  |  |
Unsecured revolving credit facility, expiration date |  |  |  | Apr. 19, 2026 |  |  |  |  |  |  |  |  |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Unsecured revolving credit facility | Term Loan Commitment | Forecast |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |
Debt instrument, face amount |  |  |  |  |  | $ 25,000 | $ 55,000 |  |  |  |  |  |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Unsecured revolving credit facility | Max | Forecast |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |
Line of credit facility, current borrowing capacity |  |  |  |  |  |  | $ 80,000 |  |  |  |  |  |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Homebuilding |  |  |  |  |  |  |  |  |  |  |  |  |
Statements of operations of unconsolidated joint venture |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 32,241 | 0 | $ 37,539 | 1,171 |  |  |  |  |  |  |  |
Construction and land costs |  | (23,580) | 0 | (27,404) | (686) |  |  |  |  |  |  |  |
Other expense, net |  | (1,694) | (193) | (3,541) | (2,603) |  |  |  |  |  |  |  |
Net income |  | 6,967 | (193) | 6,594 | (2,118) |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | 15,860 |  | 15,860 |  |  |  |  |  |  | 16,260 |  |
Receivables |  | 2,894 |  | 2,894 |  |  |  |  |  |  | 3,437 |  |
Inventories |  | 162,392 |  | 162,392 |  |  |  |  |  |  | 152,456 |  |
Other assets |  | 1,174 |  | 1,174 |  |  |  |  |  |  | 679 |  |
Total assets |  | 182,320 |  | 182,320 |  |  |  |  |  |  | 172,832 |  |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and other liabilities |  | 7,444 |  | 7,444 |  |  |  |  |  |  | 9,632 |  |
Notes payable | [2] | 56,361 |  | 56,361 |  |  |  |  |  |  | 53,386 |  |
Equity |  | 118,515 |  | 118,515 |  |  |  |  |  |  | 109,814 |  |
Total liabilities and stockholders’ equity |  | 182,320 |  | 182,320 |  |  |  |  |  |  | 172,832 |  |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Financial services |  |  |  |  |  |  |  |  |  |  |  |  |
Statements of operations of unconsolidated joint venture |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 31,615 | 26,000 | 93,485 | 74,640 |  |  |  |  |  |  |  |
Other expense, net |  | (19,751) | (17,701) | (54,641) | (52,325) |  |  |  |  |  |  |  |
Net income |  | 11,864 | $ 8,299 | 38,844 | $ 22,315 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 25,517 |  | 25,517 |  |  |  |  |  |  | 29,163 |  |
Mortgage loans held for sale |  | 192,267 |  | 192,267 |  |  |  |  |  |  | 164,252 |  |
Other assets |  | 22,598 |  | 22,598 |  |  |  |  |  |  | 18,380 |  |
Total assets |  | 240,382 |  | 240,382 |  |  |  |  |  |  | 211,795 |  |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and other liabilities |  | 15,024 |  | 15,024 |  |  |  |  |  |  | 13,763 |  |
Funding facilities |  | 185,872 |  | 185,872 |  |  |  |  |  |  | 159,324 |  |
Equity |  | 39,486 |  | 39,486 |  |  |  |  |  |  | 38,708 |  |
Total liabilities and stockholders’ equity |  | $ 240,382 |  | $ 240,382 |  |  |  |  |  |  | $ 211,795 |  |
[1] | Other assets at August 31, 2024 and November 30, 2023 included $38.5 million and $34.4 million, respectively, of contract assets for estimated future renewal commissions.
[2] | As of both August 31, 2024 and November 30, 2023, one of our unconsolidated joint ventures had borrowings outstanding under a revolving line of credit it entered into with a third-party lender in April 2022 to finance its land acquisition, development and construction activities. In April 2024, the revolving line of credit was amended, increasing the aggregate commitment to $70.0 million from $62.0 million, with the amount of all advances through October 2024 not to exceed $80.0 million. Principal repayments are made as homes are delivered, which began in May 2024. Pursuant to the amendment, the revolving line of credit will convert to a term loan and the aggregate commitment will be reduced to $55.0 million effective October 31, 2024, and then to $25.0 million by April 30, 2025. Borrowings under the line of credit are secured by the underlying property and related project assets. The line of credit is scheduled to mature on April 19, 2026, unless extended or terminated pursuant to its applicable terms. None of our other unconsolidated joint ventures had outstanding debt at August 31, 2024 or November 30, 2023

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