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Inventories | 12 Months Ended
--- | ---
Nov. 30, 2024
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories consisted of the following (in thousands):
| November 30,
| 2024 |  | 2023
Homes completed or under construction | $1,990,113 |  | $2,106,149
Land under development | 3,537,907 |  | 3,027,497
Total | $5,528,020 |  | $5,133,646
Homes completed or under construction is comprised of costs associated with homes completed or in various stages of construction and includes direct construction and related land acquisition and land development costs. Land under development primarily consists of land acquisition and land development costs. Land development costs include capitalized interest and real estate taxes. When home construction begins, the associated land acquisition and land development costs are included in homes under construction. Land under development at November 30, 2024 and 2023 included land held for future development of $21.2 million and $17.0 million, respectively. Land held for future development principally relates to land where development activity has been suspended or has not yet begun but is expected to occur in the future. These assets are generally located in submarkets where conditions do not presently support further investment or development, or are subject to a building permit moratorium or regulatory restrictions, or are portions of larger land parcels that we plan to build out over several years and/or that have not yet been entitled. Our interest costs were as follows (in thousands):
| Years Ended November 30,
| 2024 |  | 2023 |  | 2022
Capitalized interest at beginning of year | $134,375 |  | $145,494 |  | $161,119
Interest incurred | 105,642 |  | 107,086 |  | 120,859
Interest amortized to construction and land costs (a) | (117,630) |  | (118,205) |  | (136,484)
Capitalized interest at end of year | $122,387 |  | $134,375 |  | $145,494
(a)Interest amortized to construction and land costs for the years ended November 30, 2024 and 2023 included nominal amounts related to land sales during the periods.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/330/tableOfContent + Details
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