M.D.C. Holdings Expects 2004 Third and Fourth Quarter Earnings to Exceed Highest Analyst Estimates; Projected Home Orders, Home

M.D.C. Holdings Expects 2004 Third and Fourth Quarter Earnings to
Exceed Highest Analyst Estimates; Projected Home Orders, Home Closings and
Backlog
* EPS should exceed $2.64 for third quarter; significantly above $3.00 for
fourth quarter






DENVER, Sept. 22  /PRNewswire-FirstCall/ -- M.D.C. Holdings, Inc. (NYSE/PCX:
MDC), in preparation for meetings with the investment community later this
week, today announced that its earnings per share for the 2004 third quarter is
expected to exceed the high end of the range of analyst estimates of $2.64.  In
addition, MDC believes that its earnings per share for the fourth quarter of
2004 should exceed significantly the high end of the range of analyst estimates
of $3.00.  The Company also projects that it will close approximately 3,600
homes in the third quarter and over 4,400 homes in the fourth quarter, which
raises estimated home closings for the full year to more than 14,000, all of
which represent record levels for comparable periods. The Company indicated
that it has continued to benefit from significantly increased selling prices
earlier in the year in Nevada and, to a lesser extent, in Virginia, Northern
and Southern California, and Arizona, which should result in higher than
expected home gross margins in these markets during the last half of 2004.

Based on home orders received over the last 11 weeks, MDC expects its total
2004 third quarter home orders to be comparable to the record 2,910 home orders
received during the third quarter of 2003.  Home orders have been particularly
strong in Arizona, despite having fewer actively selling communities than a
year ago, due to the continued strong demand for new homes in this market.  The
Company also anticipates year-over-year increases in third quarter home orders
from each of its newest markets in Utah, Texas and Florida, where active
communities are significantly higher, and in Colorado.

Third quarter home orders are expected to be lower in Maryland and Virginia,
two of the country's strongest markets for new homes, primarily due to the
Company's decision to slow the pace of new orders in certain communities by
increasing sales prices and limiting the release of new homes for sale to allow
construction to catch up with the growing backlog of homes sold but not started
in these markets.  Lower year-over-year home orders also may be seen in Nevada
and Southern California, as the extraordinary sales paces experienced in a
number of communities in these markets over the last year have settled to more
normalized levels while the significant price increases realized in these
communities are absorbed by the marketplace.  In addition, our Nevada and
Southern California divisions have a greater number of communities nearing
close-out, with a limited number of homes for sale, as well as new communities
in which model homes have not been completed.

The Company anticipates an all-time high September 30 backlog of approximately
8,000 homes, which is 27% higher than the backlog of 6,277 homes at September
30, 2003.  This backlog level includes over 400 sold homes in various stages of
construction that were purchased from Watson Home Builders, Inc. in
Jacksonville in the acquisition announced by the Company last week. In
addition, the Company has increased the number of its active communities to 228
at August 31, 2004, from 217 at June 30, 2004 and from 198 at September 30,
2003.  The August 2004 community count will be enhanced in September with the
addition of approximately 17 active communities acquired from Watson Home
Builders.

Please refer to the last paragraph of this release for a discussion of factors
that may impact the Company's estimates of home orders, home closings,
quarter-end backlog and earnings per share.

MDC plans to release its 2004 third quarter home orders, home closings and
quarter-end backlog and active communities on Tuesday, October 5, 2004.

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, Houston and Jacksonville, and has recently entered the
Philadelphia/Delaware Valley, West Florida and Chicago markets.  For more
information about our Company, please visit http://www.richmondamerican.com/.

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.  Additional
information about the risks and uncertainties applicable to the Company's
business is contained in the Company's Form 10-Q for the quarterly period ended
June 30, 2004, which was filed with the Securities and Exchange Commission. 
All forward-looking statements made in this press release are made as of the
date hereof, and the risk that actual results will differ materially from
expectations expressed in this press release will increase with the passage of
time.  The Company undertakes no duty to publicly update any forward-looking
statements, whether as a result of new information, future events or otherwise.
 However, any further disclosures made on related subjects in our subsequent
filings, releases or presentations should be consulted. 

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



CONTACT:  Paris G. Reece III, Chief Financial Officer, [phone],

, or Rachel L. Neumann, Communications Director,

[phone], , both of M.D.C. Holdings, Inc.



Web site:  http://www.richmondamerican.com/ 

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