M.D.C. Holdings Reports 36% Increase in Home Orders for January and February

M.D.C. Holdings, Inc. today announced that it received 2,685 home orders in January and February 2004, the best start for a first quarter in MDC's history and an increase of 36% over the 1,981 home orders received for the same period in 2003. Northern California and Nevada experienced exceptionally strong home order increases in January and February 2004 (up 117% and 87%, respectively), aided by year-over-year increases in the number of active subdivisions and the continued strong demand for new homes in these markets. Southern California home orders also were strong (up 37%) on a consistent number of active subdivisions. The Company received 315 home orders in January and February 2004 from its newest markets in Texas, Utah and Jacksonville, compared with 80 home orders from these markets in the same period in 2003. Home orders were 12% lower year-over-year in Colorado due to a reduced number of active subdivisions, but were 12% higher on a same store basis.

                                January and February
                                  2004        2003
   Orders for Homes, net
     Colorado                      391         444
     California                    534         335
     Nevada                        644         344
     Arizona                       532         519
     Utah                          105          55
     Texas                         135          25
     Virginia                      187         191
     Maryland                       82          68
     Florida                        75          --

        Total                    2,685       1,981

Although MDC's current practice is to report home orders on a quarterly basis, this information is being provided to comply with Regulation FD in anticipation of communications with the investment community next week. Detailed information on home orders will be provided when MDC releases its 2004 first quarter home orders, home closings and quarter-end backlog during the first week of April.

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, Las Vegas and Salt Lake City; and among the top ten homebuilders in Northern California and Southern California. 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. For more information, please visit

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

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