Inventory and Capitalized Interest Inventory (Tables)

3 Months Ended

Mar. 31, 2025

A summary of the Company’s inventory as of March 31, 2025 and December 31, 2024 is as follows:


(In thousands)	March 31, 2025		December 31, 2024
Single-family lots, land and land development costs	$	1,666,045	$	1,630,190
Land held for sale	3,903		7,699
Homes under construction	1,342,424		1,271,626
Model homes and furnishings - at cost (less accumulated depreciation: March 31, 2025 - $13,385; December 31, 2024 - $12,765)	89,934		88,216
Community development district infrastructure	11,736		12,839
Land purchase deposits	73,653		69,483
Consolidated inventory not owned	17,010		11,809
Total inventory	$	3,204,705	$	3,091,862

A summary of capitalized interest for the three months ended March 31, 2025 and 2024 is as follows:


	Three Months Ended March 31,
(In thousands)	2025		2024
Capitalized interest, beginning of period	$	35,953	$	32,144
Interest capitalized to inventory	8,970		8,950
Capitalized interest charged to land and housing costs and expenses	(6,901)		(8,302)
Capitalized interest, end of period	$	38,022	$	32,792

Interest incurred - net	$	3,773	$	2,030

M/I HOMES, INC. 10-Q