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Inventory | 9 Months Ended
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Sep. 30, 2024
Inventory Disclosure [Abstract] |
Inventory | A summary of inventory is as follows (in thousands):
| September 30, 2024 |  | December 31, 2023
Homes completed or under construction | $ | 689,488 |  |  | $ | 559,488 |
Land and lots - developed and under development | 1,206,257 |  |  | 921,241 |
Land held for future development(1) | 14,946 |  |  | 48,991 |
Land held for sale | 7,355 |  |  | 3,503 |
Total inventory | $ | 1,918,046 |  |  | $ | 1,533,223 |
(1)Land held for future development consists of raw land parcels where development activities have been postponed due to market conditions or other factors. All applicable carrying costs, including property taxes, are expensed as incurred. As of September 30, 2024, the Company reviewed the performance and outlook for all of its communities and land inventory for indicators of potential impairment and performed a detailed impairment analysis when such indicators were identified. As of September 30, 2024, one selling community had an indicator of impairment with a carrying value of approximately $18.5 million. For the three and nine months ended September 30, 2024, the Company recorded a $1.3 million impairment adjustment to reduce the carrying value of the impaired community to fair value. For the three and nine months ended September 30, 2023, the Company did not record an impairment adjustment to reduce the carrying value of communities or land inventory to fair value. A summary of interest costs incurred, capitalized and expensed is as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Interest capitalized at beginning of period | $ | 25,234 |  |  | $ | 22,599 |  | $ | 24,126 |  |  | $ | 22,752 |
Interest incurred | 3,375 |  |  | 3,641 |  | 10,298 |  |  | 11,008 |
Interest charged to cost of revenues | (2,864) |  |  | (2,971) |  | (8,679) |  |  | (10,491) |
Interest capitalized at end of period | $ | 25,745 |  |  | $ | 23,269 |  | $ | 25,745 |  |  | $ | 23,269 |
Capitalized interest as a percentage of inventory | 1.3 | % |  | 1.6 | % |  |  |  |

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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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