News

M.D.C. Holdings, Inc. ( https://www.richmondamerican.com/ ) today announced the highest third quarter and nine-month home orders, home closings and quarter-end backlog in the Company's history. The Company received orders for 2,439 homes and 7,968 homes, respectively, net of cancellations, during the third quarter and first nine months of 2002, compared with net orders for 1,628 homes and 6,328 homes, respectively, for the same periods in 2001. The 2002 home orders included 791 net orders in September, a 95% increase from the 405 net orders received in September 2001, which reflected the impact of the events of September 11th. In addition, September 2002 represented the Company's seventh consecutive month of record home orders.

The Company increased the number of active subdivisions to 175 at September 30, 2002 from 137 at December 31, 2001, including an additional 16 in Phoenix, eight in Nevada and eight in Virginia. These additional subdivisions, combined with the strong demand for new homes in these markets, contributed to year-over-year increases in third quarter home orders of 113% in Phoenix, 123% in Nevada and 59% in Virginia. An improved demand for new homes also contributed to home order increases of 36% and 29%, respectively, in Northern California and Southern California, from a comparable year-over- year level of active subdivisions.

MDC closed 2,276 homes and 5,906 homes, respectively, in the three and nine months ended September 30, 2002, compared with 2,076 homes closed and 5,759 homes closed, respectively, for the same periods in 2001. The Company ended the 2002 third quarter with a record quarter-end backlog of 5,098 homes with an estimated sales value of $1.350 billion, compared with a backlog of 3,924 homes with an estimated sales value of $1.050 billion at September 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.

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

                               Three Months                Nine Months
                            Ended September 30,         Ended September 30,
                           2002            2001          2002         2001

  Orders For Homes,
   net (units)
      Colorado              541            494           2,299        2,101
      Utah                   46             --              77           --
      California            475            362           1,699        1,217
      Arizona               755            433           2,096        1,699
      Nevada                359            161             977          591
      Virginia              186            117             604          481
      Maryland               75             61             214          239
      Texas                   2             --               2           --

        Total             2,439          1,628           7,968        6,328

  Homes Closed (units)
      Colorado              790            688           2,105        1,988
      Utah                   39             --              64           --
      California            394            433           1,048        1,048
      Arizona               550            611           1,434        1,622
      Nevada                306            165             694          493
      Virginia              134            107             368          413
      Maryland               63             72             193          195
      Texas                  --             --              --           --

        Total             2,276          2,076           5,906        5,759


                      September 30,   December 31,   September 30,
                          2002            2001            2001

  Backlog (units)
      Colorado            1,389          1,195           1,498
      Utah                   54             --              --
      California          1,141            490             677
      Arizona             1,287            625             887
      Nevada                577            181             296
      Virginia              470            234             396
      Maryland              178            157             170
      Texas                   2             --              --

        Total             5,098          2,882           3,924

  Backlog Estimated
   Sales Value       $1,350,000       $760,000      $1,050,000

  Active Subdivisions       175            137             141

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