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. ( https://www.richmondamerican.com/ ) 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.
August
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.
CONTACT: Paris G. Reece III, Chief Financial Officer of M.D.C. Holdings,
Inc., +1-303-804-7706, greece@mdch.com; or Rodger Van Allen of Rubenstein
Associates, Inc., +1-212-843-8282, rvanallen@rubenstein.com, for M.D.C.
Holdings, Inc.
The Richmond American Homes companies (RAH), HomeAmerican Mortgage Corporation (HMC), American Home Insurance
Agency (also known as AHI Insurance Agency) (AHI) and American Home Title and Escrow Company (AHT) are
owned, directly or indirectly, by M.D.C. Holdings, Inc. and, therefore, are affiliated companies. Each of
RAH, HMC, AHI and AHT offers services independently of each other, and if you obtain a product or service
from one company, you are not required to utilize the services of, or obtain products from, the other
company. Your decision to use a company that is not affiliated with RAH, HMC, AHI or AHT will not affect
your ability to obtain products and services from these companies. See licensing information.
Certain statements on the Site, including statements regarding the MDC Companies' business, financial condition,
results of operation, cash flows, strategies and prospects, constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be
identified by terminology such as "likely," "may," "will," "should," "expects," "plans," "anticipates,"
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