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 3,665 homes and 7,030 homes, respectively, during the second quarter and first half of 2003, compared with net orders of 2,753 homes and 5,529 homes for the same periods in 2002. Second quarter 2003 home orders particularly were strong in Nevada, Virginia, Maryland and Phoenix (up 88%, 73%, 55% and 51%, respectively), aided by year- over-year increases in the number of active subdivisions and the continued strong demand for new homes in each of these markets. In addition, MDC's home orders in Colorado increased 7% compared with the 2002 second quarter. The Company also received 162 home orders in the 2003 second quarter from its new markets in Utah and Dallas/Fort Worth. Home orders were lower in Southern California primarily due to a temporary reduction in the number of active subdivisions resulting from the sell-out of certain communities earlier than expected.

MDC closed 2,624 homes and 4,724 homes, respectively, in the second quarter and six months ended June 30, 2003. These record home closing levels represent increases of 34% and 30% from the closings of 1,956 homes and 3,630 homes, respectively, for the same periods in 2002. The Company ended the 2003 second quarter with a backlog of 6,341 homes with an estimated sales value of $1.630 billion, compared with a backlog of 4,935 homes with an estimated sales value of $1.300 billion at June 30, 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, Tucson and Las Vegas; and among the top ten homebuilders in suburban Maryland, Northern California, Southern California and Salt Lake City. MDC also has a growing presence in Dallas/Fort Worth and has recently entered the Houston and Philadelphia/Delaware Valley markets.

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

                                  Three Months          Six Months Ended
                                  Ended June 30,         Ended June 30,
                                 2003        2002      2003         2002


  Orders For Homes, net (units)
   Colorado                      812         757      1,483        1,758
   California                    511         633      1,041        1,224
   Nevada                        774         411      1,357          618
   Arizona                       986         671      1,910        1,341
   Utah                           93          31        186           31
   Texas                          69          --        119           --
   Virginia                      305         176        708          418
   Maryland                      115          74        226          139
    Total                      3,665       2,753      7,030        5,529

  Homes Closed (units)
   Colorado                      625         706      1,234        1,315
   California                    487         362        915          654
   Nevada                        508         247        781          388
   Arizona                       663         446      1,234          884
   Utah                           69          25        109           25
   Texas                          29          --         39           --
   Virginia                      166         104        268          234
   Maryland                       77          66        144          130
    Total                      2,624       1,956      4,724        3,630


                              June 30,    June 30,
                               2003         2002

  Backlog (units)
   Colorado                    1,206       1,638
   California                  1,048       1,060
   Nevada                        926         524
   Arizona                     1,752       1,082
   Utah                          127          47
   Texas                          96          --
   Virginia                      916         418
   Maryland                      270         166
    Total                      6,341       4,935

  Backlog Estimated
   Sales Value            $1,630,000  $1,300,000

  Active Subdivisions at the
   Beginning of the Month        194         167

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