Inventory and Capitalized Interest Inventory (Tables)

6 Months Ended

Jun. 30, 2025

A summary of the Company’s inventory as of June 30, 2025 and December 31, 2024 is as follows:


(In thousands)	June 30, 2025		December 31, 2024
Single-family lots, land and land development costs	$	1,683,930	$	1,630,190
Land held for sale	5,005		7,699
Homes under construction	1,403,582		1,271,626
Model homes and furnishings - at cost (less accumulated depreciation: June 30, 2025 - $13,783; December 31, 2024 - $12,765)	94,865		88,216
Community development district infrastructure	9,867		12,839
Land purchase deposits	76,771		69,483
Consolidated inventory not owned	12,586		11,809
Total inventory	$	3,286,606	$	3,091,862

A summary of capitalized interest for the three and six months ended June 30, 2025 and 2024 is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2025		2024		2025		2024
Capitalized interest, beginning of period	$	38,022	$	32,792	$	35,953	$	32,144
Interest capitalized to inventory	8,947		9,004		17,917		17,954
Capitalized interest charged to land and housing costs and expenses	(8,227)		(7,938)		(15,128)		(16,240)
Capitalized interest, end of period	$	38,742	$	33,858	$	38,742	$	33,858

Interest incurred - net	$	4,570	$	1,656	$	8,343	$	3,686

M/I HOMES, INC. 10-Q