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Real Estate Inventories (Tables)
6 Months Ended
Jun. 30, 2016
Inventory Disclosure [Abstract]  
Summary of Real Estate Inventories
Real estate inventories consisted of the following (in thousands):
 
June 30, 2016
 
December 31, 2015
Real estate inventories owned:
 
 
 
Homes completed or under construction
$
788,672

 
$
575,076

Land under development
1,568,273

 
1,443,461

Land held for future development
295,792

 
295,241

Model homes
145,387

 
140,232

Total real estate inventories owned
2,798,124

 
2,454,010

Real estate inventories not owned:
 
 
 
Land purchase and land option deposits
24,489

 
39,055

Consolidated inventory held by VIEs
17,600

 
26,208

Total real estate inventories not owned
42,089

 
65,263

Total real estate inventories
$
2,840,213

 
$
2,519,273

Summary 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,
 
2016
 
2015
 
2016
 
2015
Interest incurred
$
16,280

 
$
15,149

 
$
31,429

 
$
30,325

Interest capitalized
(16,280
)
 
(15,149
)
 
(31,429
)
 
(30,325
)
Interest expensed
$

 
$

 
$

 
$

Capitalized interest in beginning inventory
$
146,630

 
$
132,872

 
$
140,311

 
$
124,461

Interest capitalized as a cost of inventory
16,280

 
15,149

 
31,429

 
30,325

Interest previously capitalized as a cost of inventory,
   included in cost of sales
(11,563
)
 
(7,915
)
 
(20,393
)
 
(14,680
)
Capitalized interest in ending inventory
$
151,347

 
$
140,106

 
$
151,347

 
$
140,106

Schedule of Land and Lot Option Abandonments and Pre-acquisition Charges
Land and lot option abandonments and pre-acquisition charges were as follows (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
Real estate inventory impairments
$

 
$
878

 
$

 
$
1,044

Land and lot option abandonments and pre-acquisition charges
107

 
300

 
289

 
494

Total
$
107

 
$
1,178

 
$
289

 
$
1,538