REAL ESTATE INVENTORY

12 Months Ended

Apr. 30, 2023

REAL ESTATE INVENTORY

REAL ESTATE INVENTORY

(2)          REAL ESTATE INVENTORY

Real estate inventory consists of (in thousands):

	April 30,
	2023		2022
Land inventory in New Mexico	$	59,361	$	59,374
Land inventory in Colorado		3,445		3,434
Homebuilding model inventory		1,171		1,135
Homebuilding construction in process		1,648		3,306
Total	$	65,625	$	67,249

Land inventory in New Mexico represents land and improvements on land in New Mexico held for development or sale. Land inventory in Colorado represents an approximately 160 acre property in Brighton, Colorado. Homebuilding model inventory represents costs for residential homes that are completed and ready for sale. Homebuilding construction in process represents costs for residential homes being built.

Interest and loan costs of $57,000 and real estate taxes of $79,000 were capitalized in real estate inventory for the year ending April 30, 2023. Interest and loan costs of $224,000 and real estate taxes of $28,000 were capitalized in real estate inventory for the year ending April 30, 2022.