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Capitalized Interest and Real Estate Taxes | 3 Months Ended
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Mar. 31, 2018
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Capitalized Interest and Real Estate Taxes | 11. CAPITALIZED INTEREST AND REAL ESTATE TAXES Interest and real estate taxes incurred relating to the development of lots and parcels are capitalized to real estate inventories during the active development period, which generally commences when borrowings are used to acquire real estate assets and ends when the properties are substantially complete or the property becomes inactive. A project becomes inactive when development and construction activities have been suspended indefinitely. Interest is capitalized based on the interest rate applicable to specific borrowings or the weighted average of the rates applicable to other borrowings during the period. Interest and real estate taxes capitalized to real estate inventories are expensed as a component of cost of sales as related units are sold. The following table is a summary of interest and real estate taxes incurred and capitalized and interest and real estate taxes expensed for units settled:
|  | Three Months Ended |
| March 31, |
|  | 2018 |  |  | 2017 |
Interest incurred and capitalized |  | $ | 896 |  |  | $ | 1,026 |
Real estate taxes incurred and capitalized |  |  | 66 |  |  |  | 40 |
Total interest and real estate taxes incurred and capitalized |  | $ | 962 |  |  | $ | 1,066 |
Interest expensed as a component of cost of sales |  | $ | 518 |  |  | $ | 451 |
Real estate taxes expensed as a component of cost of sales |  |  | 48 |  |  |  | 60 |
Interest and real estate taxes expensed as a component of cost of sales |  | $ | 566 |  |  | $ | 511 |
The amount of interest from entity level borrowings that are capitalized in accordance with Accounting Standards Codification (“ASC”) 835 is dependent upon the average accumulated expenditures that exceed project specific borrowings. For the three months ended March 31, 2018, the Company expensed $24 of interest from entity level borrowings. The Company did not expense any interest from entity level borrowings for the three months ended March 31, 2017. Additionally, when a project becomes inactive or is not a qualifying entity, its interest, real estate taxes and indirect production overhead costs are no longer capitalized but rather expensed in the period they are incurred. For the three months ended March 31, 2018, the Company expensed $61 of interest and real estate taxes. The Company did not expense any interest and real estate taxes for inactive projects for the three months ended March 31, 2017.

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