M.D.C. Holdings Reports Record 2002 Second Quarter Home Orders, Home Closings and Quarter-End Backlog
- Second quarter home orders increase 40%; June orders up 50% - Company's highest quarter-end backlog with $1.3 billion sales value - Active subdivisions rise 20% since year-end to 165

M.D.C. Holdings, Inc. ( ) today announced the highest second quarter home orders, home closings and quarter-end backlog in the Company's history. The Company received orders for 2,753 homes and 5,529 homes, respectively, during the second quarter and first six months of 2002, compared with orders for 1,973 homes and 4,700 homes, respectively, for the same periods in 2001. The home orders for 2002 included 956 orders received in June, representing a 50% increase from the 638 home orders received in June 2001.

Larry A. Mizel, MDC's chairman and chief executive officer, stated, "We are pleased to report our fourth consecutive month of record home orders. These increases in home orders, which are expected to contribute home closings primarily early next year, should further our previously disclosed goal to close more than 10,000 homes and produce record revenues and earnings in 2003."

The Company increased the number of active subdivisions to 165 at June 30, 2002 from 137 at December 31, 2001, including an additional eight in Nevada and seven in Arizona. These additional subdivisions contributed to year-over-year increases in second quarter home orders of over 150% in Nevada and 26% in Arizona. Home orders increased a combined 53% in Southern and Northern California, primarily resulting from the strong demand for new homes in these markets. In addition, the Company has opened 36 new model homes in the first six months of 2002 in Colorado, contributing to the 18% increase in home orders in this market.

MDC closed 1,956 homes in the second quarter of 2002, compared with closings of 1,924 homes for the same period in 2001. The Company ended the second quarter of 2002 with a record quarter-end backlog of 4,935 homes with an estimated sales value of $1.300 billion, 13% and 17% higher, respectively, than the backlog of 4,372 homes with an estimated sales value of $1.110 billion at June 30, 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, Tucson and Las Vegas; among the top ten homebuilders in suburban Maryland, Northern California and Southern California; and has recently entered the Salt Lake City and Dallas/Fort Worth markets.

Certain statements in this release, including those related to the Company's anticipated revenues, earnings, home orders and home closings, 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) the availability and cost of insurance covering risks associated with our business; (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; (14) terrorist acts and other acts of war; and (15) other factors over which the Company has little or no control.

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

                                  Three Months             Six Months
                                 Ended June 30,          Ended June 30,
                               2002         2001        2002         2001
  Orders For Homes, net (units)
    Colorado                    757          639       1,758        1,607
    Utah                         31           --          31           --
    California                  633          414       1,224          855
    Arizona                     671          534       1,341        1,266
    Nevada                      411          162         618          430
    Virginia                    176          144         418          364
    Maryland                     74           80         139          178

      Total                   2,753        1,973       5,529        4,700

  Homes Closed (units)
    Colorado                    706          671       1,315        1,300
    Utah                         25           --          25           --
    California                  362          375         654          615
    Arizona                     446          513         884        1,011
    Nevada                      247          169         388          328
    Virginia                    104          136         234          306
    Maryland                     66           60         130          123

      Total                   1,956        1,924       3,630        3,683

                             June 30,   December 31,  June 30,
                               2002         2001        2001
  Backlog (units)*
    Colorado                  1,638        1,195       1,692
    Utah                         47           --          --
    California                1,060          490         748
    Arizona                   1,082          625       1,065
    Nevada                      524          181         300
    Virginia                    418          234         386
    Maryland                    166          157         181

      Total                   4,935        2,882       4,372

  Backlog Estimated
   Sales Value           $1,300,000     $760,000  $1,110,000

  Active Subdivisions           165          137         137

  *  In April 2002, MDC acquired certain assets of John Laing Homes in
     Las Vegas and Salt Lake City, including 154 homes in backlog.


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

CONTACT: Paris G. Reece III, Chief Financial Officer of M.D.C. Holdings,
Inc., +1-303-804-7706,; or Rodger VanAllen of Rubenstein
Associates, Inc., +1-212-843-8282,, for M.D.C.
Holdings, Inc.