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Inventories
 6 Months Ended
May 31, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consisted of the following (in thousands):
May 31,
2025		November 30,
2024
Homes completed or under construction$2,117,671 $1,990,113 
Land under development3,795,677 3,537,907 
Total$5,913,348 $5,528,020 
Land under development at May 31, 2025 and November 30, 2024 included land held for future development of $32.1 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). We do not capitalize interest on land held for future development and land held for sale.
Our interest costs were as follows (in thousands):
 Three Months Ended May 31,Six Months Ended May 31,
 2025202420252024
Capitalized interest at beginning of period$125,356 $134,377 $122,387 $134,375 
Interest incurred 28,626 26,577 55,018 53,082 
Interest amortized to construction and land costs (a)
(25,306)(29,189)(48,729)(55,692)
Capitalized interest at end of period$128,676 $131,765 $128,676 $131,765 
(a)Interest amortized to construction and land costs for the six months ended May 31, 2024 included a nominal amount related to land sales during the period.