M.D.C. Holdings Reports Record Monthly and Quarterly Home Orders
- Highest quarterly home orders in MDC's history - Record monthly home orders in March, up 24% - Closed 1,674 homes; Backlog sales value of $1.05 billion

M.D.C. Holdings, Inc. ( ) today announced the highest level of home orders for any quarter in the Company's history. The Company received orders, net of cancellations, for 2,776 homes during the first quarter of 2002, compared with net orders for 2,727 homes for the same period in 2001. The 1,095 net home orders received in March 2002 were the highest for any month and 24% higher than net home orders received in March 2001. March orders particularly were strong in Northern and Southern California, resulting from the strong demand for new homes in these markets, and in Virginia, due to a higher number of active communities, compared with March 2001. Home orders also improved in Colorado, where the Company had more communities actively selling homes and opened model homes in ten new communities since the beginning of the year.

MDC closed 1,674 homes in the first quarter of 2002, compared with closings of 1,759 homes for the same period in 2001. The Company ended the first quarter of 2002 with a backlog of 3,984 homes with an estimated sales value of $1.050 billion, compared with the backlog of 4,323 homes with an estimated sales value of $1.075 billion at March 31, 2001.

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

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

                                                       Three Months
                                                     Ended March 31,
                                                     2002        2001

  Orders For Homes, net (units)
      Colorado                                       1,001         968
      California                                       591         441
      Arizona                                          670         732
      Nevada                                           207         268
      Virginia                                         242         220
      Maryland                                          65          98

        Total                                        2,776       2,727

  Homes Closed (units)
      Colorado                                         609         629
      California                                       292         240
      Arizona                                          438         498
      Nevada                                           141         159
      Virginia                                         130         170
      Maryland                                          64          63

        Total                                        1,674       1,759

                                    March 31,  December 31,   March 31,
                                      2002         2001          2001

  Backlog (units)
      Colorado                         1,587        1,195         1,724
      California                         789          490           709
      Arizona                            857          625         1,044
      Nevada                             247          181           307
      Virginia                           346          234           378
      Maryland                           158          157           161

        Total                          3,984        2,882         4,323

  Backlog Estimated Sales Value   $1,050,000     $760,000    $1,075,000

  Active Subdivisions                    150          137           138


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

Contact: Paris G. Reece III, Chief Financial Officer of M.D.C. Holdings,
Inc., +1-303-804-7706,