5.	Land Under Development

As of December 31, 2014, NVR directly owned four separate raw parcels of land with a carrying value of $33,689 that it intends to develop into approximately 480 finished lots primarily for use in its homebuilding operations. Of the total finished lots, 94 lots are under contract to be sold to an unrelated party under lot purchase agreements. During 2014 and 2013, the Company sold 19 and 15 lots, respectively, to an unrelated party at an aggregate purchase price of approximately $3,100 and $2,600, respectively. The Company capitalizes interest costs to land under development during the active development of finished lots (see Note 6 for further discussion of capitalized interest). None of the raw parcels had any indicators of impairment as of December 31, 2014. Based on current market conditions, NVR may, on a limited basis, directly acquire additional raw parcels to develop into finished lots.

As of December 31, 2013, NVR directly owned five separate raw parcels of land with a carrying value of $41,328 and expected to produce approximately 650 finished lots.