M.D.C. Holdings Expects First Quarter Earnings to Exceed Analysts' Estimates
- Record first quarter earnings and home closings - Earnings per share should exceed highest analyst estimates of $1.01 - Release of earnings anticipated on April 18, 2001

M.D.C. Holdings, Inc. ( today announced, in anticipation of the Company meeting with investors in New York and Boston later this week, that it expects net income and earnings per share for the three months ended March 31, 2001 to achieve record levels and to exceed the high end of analysts' estimates for the period. Analysts who cover the Company's common stock have published estimates for MDC's first quarter earnings per share ranging from $.86 to $1.01. The Company has benefited from record first quarter home closings, continued higher home selling prices and increased options sold by design centers. The Company expects to release its 2001 first quarter earnings and hold its quarterly conference call and webcast on April 18, 2001. Please refer to the last paragraph of this release for a discussion of factors that may impact the Company's estimate of first quarter earnings.

MDC, whose subsidiaries build homes under the name "Richmond American Homes," is one of the largest homebuilders in the United States. The Company's wholly owned subsidiary HomeAmerican Mortgage Corporation provides mortgage financing primarily for MDC's home buyers. MDC is a major regional homebuilder with a significant presence in some of the country's best housing markets. Richmond American Homes is the largest homebuilder in metropolitan Denver; among the top five homebuilders in Northern Virginia, Tucson and Colorado Springs; and among the top ten homebuilders in suburban Maryland, Phoenix, Las Vegas, Southern California and Northern California.

Certain statements in this release, including those related to the Company's anticipated earnings and analysts' estimates, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among other things, (1) general economic and business conditions; (2) interest rate changes; (3) the relative stability of debt and equity markets; (4) competition; (5) the availability and cost of land and other raw materials used by the Company in its homebuilding operations; (6) demographic changes; (7) shortages and the cost of labor; (8) weather related slowdowns; (9) slow growth initiatives; (10) building moratoria; (11) governmental regulation, including the interpretation of tax, labor and environmental laws; (12) changes in consumer confidence and preferences; (13) required accounting changes; and (14) other factors over which the Company has little or no control.

SOURCE: M.D.C. Holdings, Inc.

Contact: Paris G. Reece III, Chief Financial Officer of
M.D.C. Holdings, Inc., 303-804-7706,; or Rick Matthews of
Rubenstein Associates, Inc., 212-843-8007,, for
M.D.C. Holdings, Inc.