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Real Estate Inventories (Tables)

6 Months Ended

Jun. 30, 2014

Inventory Disclosure [Abstract]

Summary of Real Estate Inventories

Real estate inventories consisted of the following (in thousands):


		June 30,				December 31,
		2014				2013
Inventories owned:
Deposits and pre-acquisition costs		$	21,889			$	19,714
Land under development			324,132				326,209
Homes completed or under construction			168,612				92,901
Model homes			27,404				16,818

		$	542,037			$	455,642

Summary of Interest Incurred, Capitalized and Expensed

Interest incurred, capitalized and expensed were as follows (in thousands):


		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2014				2013				2014				2013
Interest incurred		$	2,068			$	579			$	3,304			$	1,313
Interest capitalized			(2,068	)			(579	)			(3,304	)			(1,313	)

Interest expensed		$	—			$	—			$	—			$	—

Capitalized interest in beginning inventory		$	3,078			$	1,842			$	2,264			$	1,364
Interest capitalized as a cost of inventory			2,068				579				3,304				1,313
Interest previously capitalized as a cost of inventory, included in cost of sales			(557	)			(502	)			(979	)			(758	)

Capitalized interest in ending inventory		$	4,589			$	1,919			$	4,589			$	1,919