News

M.D.C. Holdings, Inc. ( www.RichmondAmerican.com ) today announced the highest level of home orders for any quarter in the Company's history. The Company received orders, net of cancellations, for 3,365 homes during the first quarter of 2003, an increase of 21% over the net orders for 2,776 homes received in the same period in 2002. First quarter 2003 home orders particularly were strong in Nevada, Maryland, Virginia and Arizona (up 182%, 71%, 67% and 38%, respectively), aided by year-over-year increases in the number of active subdivisions and a continued strong demand for new homes in these markets. Home orders were lower in Colorado on a comparable number of active subdivisions, primarily due to the market's more challenging economic environment.

MDC closed 2,100 homes in the first quarter of 2003, the highest for any first quarter in the Company's history and 25% above the 1,674 homes closed in the same period in 2002. The Company ended the first quarter of 2003 with a record quarter-end backlog of 5,300 homes with an estimated sales value of $1.40 billion, 33% higher than the backlog of 3,984 homes with an estimated sales value of $1.05 billion at March 31, 2002.

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; among the top ten homebuilders in suburban Maryland, Las Vegas, Northern California, Southern California and Salt Lake City; and has recently entered the Dallas/Fort Worth market.

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

                                            Three Months
                                           Ended March 31,
                                         2003          2002

  Orders For Homes, net (units)
    Colorado                              671         1,001
    California                            530           591
    Arizona                               924           670
    Nevada                                583           207
    Utah                                   93            --
    Texas                                  50            --
    Virginia                              403           242
    Maryland                              111            65

      Total                             3,365         2,776

  Homes Closed (units)
    Colorado                              609           609
    California                            428           292
    Arizona                               571           438
    Nevada                                273           141
    Utah                                   40            --
    Texas                                  10            --
    Virginia                              102           130
    Maryland                               67            64

      Total                             2,100         1,674


                                      March 31,    December 31,   March 31,
                                         2003          2002         2002

  Backlog (units)
    Colorado                            1,019           957         1,587
    California                          1,024           922           789
    Arizona                             1,429         1,076           857
    Nevada                                660           350           247
    Utah                                  103            50            --
    Texas                                  56            16            --
    Virginia                              777           476           346
    Maryland                              232           188           158

      Total                             5,300         4,035         3,984

  Backlog Estimated Sales Value    $1,400,000    $1,120,000    $1,050,000

  Active Subdivisions                     199*          178           150

  * Beginning of March

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