News

M.D.C. Holdings, Inc. (www.RichmondAmerican.com) today announced second quarter home orders, home closings and quarter-end backlog. The Company received orders for 1,973 homes and 4,700 homes, respectively, during the second quarter and first six months of 2001, compared with orders for 1,972 homes and 4,289 homes, respectively, for the same periods in 2000. The home orders for 2001 included 638 home orders received in June, representing a 7% increase from the 594 home orders received in June 2000.

Home orders in the second quarter of 2001 particularly were strong in Arizona due to a greater number of active subdivisions and the continued strong demand for new homes in that market. Home orders in Southern California, Virginia and Nevada decreased in the second quarter of 2001, compared with the same period in 2000, primarily due to a temporary reduction in the number of active subdivisions in these markets. The Company recently opened two new subdivisions in both Southern California and Virginia and anticipates opening five additional subdivisions in each of these markets in the next quarter. In Las Vegas, the Company expects to add three new active subdivisions during the next 60 days.

MDC closed 1,924 homes in the second quarter of 2001, compared with closings of 1,861 homes for the same period in 2000. The Company ended the second quarter of 2001 with a record quarter-end backlog of 4,372 homes with an estimated sales value of $1.110 billion, 15% and 32% higher, respectively, than the backlog of 3,818 homes with an estimated sales value of $840 million at June 30, 2000.

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, Phoenix, Tucson and Colorado Springs; and among the top ten homebuilders in suburban Maryland, Las Vegas, Southern California and Northern California.

                          M.D.C. HOLDINGS, INC.
                      Homebuilding Operational Data
                            (Dollars in Thousands)

                                    Three Months             Six Months
                                   Ended June 30,          Ended June 30,
                                  2001       2000         2001       2000

  Orders For Homes, net (units)
      Colorado                     639        615        1,607      1,466
      California                   414        445          855        857
      Arizona                      534        456        1,266        913
      Nevada                       162        199          430        432
      Virginia                     144        186          364        464
      Maryland                      80         71          178        157
        Total                    1,973      1,972        4,700      4,289

  Homes Closed (units)
      Colorado                     671        798        1,300      1,450
      California                   375        299          615        518
      Arizona                      513        364        1,011        689
      Nevada                       169        166          328        288
      Virginia                     136        158          306        322
      Maryland                      60         76          123        145

        Total                    1,924      1,861        3,683      3,412


                                      June 30,     December 31,    June 30,
                                        2001           2000           2000

  Backlog (units)
      Colorado                          1,692         1,385         1,642
      California                          748           508           596
      Arizona                           1,065           747           676
      Nevada                              300           198           281
      Virginia                            386           328           432
      Maryland                            181           126           191

        Total                           4,372         3,292         3,818

  Backlog Estimated Sales Value    $1,110,000      $775,000      $840,000

  Active Subdivisions                     136*          133           129

  * Beginning of month

For further information please contact: Paris G. Reece III, Chief Financial Officer of M.D.C. Holdings, Inc., 303-804-7706, greece@mdch.com; or Rick Matthews of Rubenstein Associates, Inc., 212-843-8007, rmatthews@rubenstein.com, for M.D.C. Holdings, Inc.

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