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Real Estate Inventories (Tables) | 6 Months Ended
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Jun. 30, 2024
Inventory Disclosure [Abstract] |
Schedule of Real Estate Inventories | Real estate inventories consisted of the following (in thousands):
| June 30, 2024 |  | December 31, 2023
Real estate inventories owned: |  |  |
Homes completed or under construction | $ | 1,637,648 |  |  | $ | 1,402,762 |
Land under development | 1,172,934 |  |  | 1,299,074 |
Land held for future development | 155,293 |  |  | 153,615 |
Model homes | 305,660 |  |  | 306,565 |
Total real estate inventories owned | 3,271,535 |  |  | 3,162,016 |
Real estate inventories not owned: |  |  |
Land purchase and land option deposits | 194,276 |  |  | 175,467 |
Total real estate inventories not owned | 194,276 |  |  | 175,467 |
Total real estate inventories | $ | 3,465,811 |  |  | $ | 3,337,483 |
Schedule of Interest Incurred, Capitalized and Expensed | Interest incurred, capitalized and expensed were as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Interest incurred | $ | 30,378 |  |  | $ | 37,394 |  |  | $ | 66,534 |  |  | $ | 74,873 |
Interest capitalized | (30,378) |  |  | (37,394) |  |  | (66,534) |  |  | (74,873) |
Interest expensed | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Capitalized interest in beginning inventory | $ | 226,957 |  |  | $ | 208,639 |  |  | $ | 221,647 |  |  | $ | 191,411 |
Interest capitalized as a cost of inventory | 30,378 |  |  | 37,394 |  |  | 66,534 |  |  | 74,873 |
Interest previously capitalized as a cost of inventory, included in cost of sales | (39,164) |  |  | (25,681) |  |  | (70,010) |  |  | (45,932) |
Capitalized interest in ending inventory | $ | 218,171 |  |  | $ | 220,352 |  |  | $ | 218,171 |  |  | $ | 220,352 |
Schedule of Real Estate Inventory Impairments and Land Option Abandonments | Real estate inventory impairments and land and lot option abandonments and pre-acquisition charges consisted of the following (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Real estate inventory impairments | $ | — |  |  | $ | 11,500 |  |  | $ | — |  |  | $ | 11,500 |
Land and lot option abandonments and pre-acquisition charges | 968 |  |  | 261 |  |  | 1,370 |  |  | 978 |
Total | $ | 968 |  |  | $ | 11,761 |  |  | $ | 1,370 |  |  | $ | 12,478 |

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- Definition Tabular disclosure for impairment of long-lived assets held and used by an entity which includes a description of the impaired long-lived asset and facts and circumstances leading to the impairment, aggregate amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired long-lived asset is reported. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.CC) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480091/360-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-2 + Details
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