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Real estate inventory and capitalized interest | 3 Months Ended
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Mar. 31, 2024
Real estate inventory and capitalized interest [Abstract] |
Real estate inventory and capitalized interest | Note 2 ‑ Real estate inventory and capitalized interest: A summary of real estate inventory is as follows as of March 31, 2024 and December 31, 2023 (in thousands):
|  | March 31, 2024 |  |  | December 31, 2023 |
Lots held for construction |  | $ | 59,149 |  |  | $ | 32,184 |
Homes under construction, completed homes and model homes |  |  | 174,931 |  |  |  | 180,920 |
Total real estate inventory |  | $ | 234,080 |  |  | $ | 213,104 |
The Company capitalizes into real estate inventory interest costs incurred on homes under construction during the construction period until substantial completion. The Company does not capitalize interest on homes where construction has been suspended. A summary of capitalized interest is as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2024 |  | 2023 |
Capitalized interest, beginning of period |  | $ | 1,338 |  |  | $ | 1,117 |
Interest incurred |  |  | 939 |  |  |  | 510 |
Interest expensed |  |  | (698 | ) |  |  | (245 | )
Interest charged to cost of home closings |  |  | (721 | ) |  |  | (603 | )
Capitalized interest, end of period |  | $ | 858 |  |  | $ | 779 |

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