M.D.C. Holdings Reports 35% Increase in August Home Orders
-- Highest August Home Orders in Company History -- Orders for 839 Homes, Up 35% From August 2001 -- Sixth Consecutive Month of Record Home Orders -- Year-to-Date Orders Higher by 21%

M.D.C. Holdings, Inc. ( ) today announced that it received orders for 839 homes in August 2002, 35% above the 621 home orders received in August 2001. This level of home orders is MDC's highest for any August and represents the sixth consecutive month of record home orders posted by the Company.

                                                   2002        2001
   Orders for Homes, net
   Colorado                                        177          211
   California                                      158          129
   Arizona                                         276          148
   Nevada                                          120           64
   Utah                                             11           --
   Northern Virginia/Suburban Maryland              97           69

   Total                                           839          621

   Active Subdivisions at Beginning of Month       169          133

MDC has received orders for 7,177 homes for the eight months ended August 31, 2002, 21% higher than the 5,923 home orders received for the same period in 2001.

August 2002 home orders particularly were strong in Phoenix, Nevada and Virginia (increases of 186%, 88% and 68%, respectively), primarily due to increases in the number of active subdivisions in these markets. Home orders also improved in Southern California, increasing 48%, due to the continued strong demand for new homes in this market.

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.


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 Van Allen of Rubenstein
Associates, Inc., +1-212-843-8282,, for M.D.C.
Holdings, Inc.