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Inventories
 3 Months Ended
Feb. 28, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consisted of the following (in thousands):
February 28,
2025		November 30,
2024
Homes completed or under construction$1,957,426 $1,990,113 
Land under development3,985,121 3,537,907 
Total$5,942,547 $5,528,020 
Land under development at February 28, 2025 and November 30, 2024 included land held for future development of $21.7 million and $21.2 million, respectively.
Interest is capitalized to inventories while the related communities or land parcels are being actively developed and until homes are completed or the land is available for immediate sale. Capitalized interest is amortized to construction and land costs as the related inventories are delivered to homebuyers or land buyers (as applicable). In the case of land held for future development and land held for sale, applicable interest is expensed as incurred.
Our interest costs were as follows (in thousands):
 Three Months Ended
 February 28, 2025February 29, 2024
Capitalized interest at beginning of period$122,387 $134,375 
Interest incurred 26,392 26,505 
Interest amortized to construction and land costs (a)
(23,423)(26,503)
Capitalized interest at end of period$125,356 $134,377 
(a)Interest amortized to construction and land costs for the three months ended February 29, 2024 included a nominal amount related to land sales during the period.