M.D.C. Holdings Reports Record Home Orders, Home Closings and Quarter-End Backlog; Conference Call and Webcast Scheduled for October 9
* Quarterly orders for 2,910 homes, a 19% year-over-year increase * Closed 3,113 homes, highest for any quarter and a 37% year-over-year increase * Backlog of 6,277 homes with estimated sales value of $1.650 billion * Company expects 2003 third quarter earnings to exceed highest analyst estimates

M.D.C. Holdings, Inc. today announced the highest third quarter and nine-month home orders and home closings in the Company's history. The Company received orders, net of cancellations, for 2,910 homes and 9,940 homes, respectively, during the third quarter and first nine months of 2003. These represent increases of 19% and 25%, respectively, compared with net orders for 2,439 homes and 7,968 homes for the same periods in 2002. The 9,940 net home orders for the first nine months of 2003 already exceed the full year 2002 orders for 9,899 homes. Third quarter 2003 home orders particularly were strong in Nevada and Utah (up 96% and 130%, respectively), aided by year-over- year increases in the number of active subdivisions and, in Nevada, the continued strong demand for new homes. The Company also received 78 home orders in the 2003 third quarter from its new markets in Dallas/Fort Worth, Houston and Jacksonville. Similar to the 2003 second quarter, home orders were lower in Southern California, primarily due to the temporary reduction in the number of active subdivisions resulting from the sell-out of certain communities earlier than expected.

MDC closed 3,113 homes and 7,837 homes, respectively, in the three and nine months ended September 30, 2003, representing increases of 37% and 33%, respectively, compared with 2,276 homes and 5,906 homes closed for the same periods in 2002. The Company ended the 2003 third quarter with a backlog of 6,277 homes with an estimated sales value of $1.650 billion, up 23% from the backlog of 5,098 homes with an estimated sales value of $1.350 billion at September 30, 2002.

In view of the record level of homes closed during the three months ended September 30, 2003, the Company expects earnings per share to exceed the high end of analysts' estimates for the 2003 third quarter. Analysts who cover the Company's common stock have published estimates for MDC's third quarter earnings per share ranging from $1.48 to $1.73. MDC now believes that it is positioned to close approximately 11,100 homes in 2003. Please refer to the last paragraph of this release for a discussion of factors that may impact the Company's estimate of 2003 home closings and earnings per share.

The Company plans to release its 2003 third quarter earnings prior to the market opening on Thursday, October 9, 2003. A synchronized slide show and audio presentation will be broadcast over the Internet on Thursday, October 9, 2003, at 10:00 a.m. Eastern Daylight Time in conjunction with its conference call. The presentation can be accessed by entering MDC's website, , clicking on "Investor Relations" and selecting "M.D.C. Holdings 2003 Third Quarter Conference Call."

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, suburban Maryland, Phoenix, Tucson and Las Vegas; and among the top ten homebuilders in Northern California, Southern California and Salt Lake City. MDC also has a growing presence in Dallas/Fort Worth and has recently entered the Houston, San Antonio, Philadelphia/Delaware Valley, West Florida, Jacksonville and Chicago markets.

Certain statements in this release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward- looking statements. Such factors include, among other things, (1) general economic and business conditions; (2) interest rate changes; (3) the relative stability of debt and equity markets; (4) competition; (5) the availability and cost of land and other raw materials used by the Company in its homebuilding operations; (6) the availability and cost of performance bonds and insurance covering risks associated with our business; (7) shortages and the cost of labor; (8) weather related slowdowns; (9) slow growth initiatives; (10) building moratoria; (11) governmental regulation, including the interpretation of tax, labor and environmental laws; (12) changes in consumer confidence and preferences; (13) required accounting changes; (14) terrorist acts and other acts of war; and (15) other factors over which the Company has little or no control.

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

                               Three Months                Nine Months
                            Ended September 30,        Ended September 30,
                             2003         2002         2003          2002

  Orders For Homes,
   net (units)
    Colorado                 525           541        2,008         2,299
    California               440           475        1,481         1,699
    Nevada                   704           359        2,061           977
    Arizona                  757           755        2,667         2,096
    Utah                     106            46          292            77
    Texas                     75             2          194             2
    Virginia                 218           186          926           604
    Maryland                  82            75          308           214
    Florida                    3            --            3            --

      Total                2,910         2,439        9,940         7,968

  Homes Closed
    Colorado                 736           790        1,970         2,105
    California               503           394        1,418         1,048
    Nevada                   578           306        1,359           694
    Arizona                  833           550        2,067         1,434
    Utah                      84            39          193            64
    Texas                     56            --           95            --
    Virginia                 241           134          509           368
    Maryland                  70            63          214           193
    Florida                   12            --           12            --

      Total                3,113         2,276        7,837         5,906

                        September 30, September 30,
                           2003           2002

  Backlog (units)
    Colorado                 995         1,389
    California               985         1,141
    Nevada                 1,052           577
    Arizona                1,676         1,287
    Utah                     149            54
    Texas                    115             2
    Virginia                 893           470
    Maryland                 282           178
    Florida *                130            --

      Total                6,277         5,098

  Backlog Estimated
   Sales Value        $1,650,000    $1,350,000

  Active Subdivisions
   at the Beginning
   of  the Month             191           171

   *  In September 2003, MDC acquired certain assets of Crawford Homes in
      Jacksonville, including 139 homes in backlog.

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

CONTACT: Paris G. Reece III, Chief Financial Officer, +1-303-804-7706, , or Rachel L. Neumann, Communications Director,
+1-303-804-7729, , both of M.D.C. Holdings, Inc.