M.D.C. (MDC) 8-K Regulation FD Disclosure

                                                                                                            Exhibit 99.1

                                                                                                     

NEWS BULLETIN

M.D.C. HOLDINGS, INC. RICHMOND AMERICAN HOMES
HOMEAMERICAN MORTGAGE

FOR IMMEDIATE RELEASE
THURSDAY, OCTOBER 9, 2003

Contacts: Paris G. Reece III
Chief Financial Officer
(303) 804-7706
greece@mdch.com               Rachel L. Neumann
              Communications Director
              (303) 804-7729
              rlneumann@mdch.com

M.D.C.  HOLDINGS REPORTS 50% INCREASE
IN THIRD QUARTER EARNINGS

                                       • Net income of $65.5 million, highest for any quarter
                                       • Record quarterly earnings per share of $2.16 vs. $1.43 a year ago
                                       • Company's highest quarterly home closings and revenues
                                       • Record quarterly homebuilding profits of $118.1 million, up 57%
                                       • Third quarter high for financial services profits, a 23% increase
                                       • Debt-to-capital ratio of .30 vs. .36 a year ago

        DENVER, Thursday, October 9, 2003 — M.D.C. Holdings, Inc. (NYSE/PCX: MDC) today announced net income for the three months ended September 30, 2003 of $65.5 million, or $2.16 per share, the highest quarterly net income in the Company’s history and 50% higher than net income of $43.6 million, or $1.43 per share, for the same period in 2002. Net income for the nine months ended September 30, 2003 was $145.2 million, or $4.83 per share, 32% higher than net income of $110.2 million, or $3.60 per share, for the same period in 2002. Total revenues for the quarter and nine months ended September 30, 2003 were $799 million and $2.058 billion, respectively, representing increases of 37% and 33%, respectively, over revenues of $582 million and $1.548 billion for the same periods in 2002.

        Larry A. Mizel, MDC’s chairman and chief executive officer, stated, “We have successfully expanded our presence in our existing markets since the beginning of 2002 to produce the strongest operating results for any quarter and first nine months in our 31-plus year history. While achieving record quarterly levels of home closings, revenues and earnings, we generated a Company-high return on revenues of 8.2% and increased our return on average equity to more than 24%. At the same time, our financial position continued to strengthen, as represented by our quarter-end debt-to-capital ratio of .30 and a 65% year-over-year increase in our unrestricted cash and available borrowing capacity to $514 million. In addition, we are proud to report that we reached a significant milestone for our Company during the 2003 third quarter – the closing of our 100,000^th home. This

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accomplishment stands as a symbol of our experience and expertise in serving the single-family home market for over a quarter century, as well as our long-standing commitment to building the American Dream, one home, one buyer and one dream at a time.”

         Mizel continued, “The large public homebuilders, including MDC, continued to thrive throughout the 2003 third quarter, despite the unfavorable movement in mortgage interest rates in July and August. Our success in expanding market shares has enabled us to complete nineteen consecutive months of record home orders, including the highest level of net home orders for any third quarter and more home orders during the first nine months of 2003 than for the entire year in 2002. Our resulting backlog of 6,277 homes has positioned us to close as many as 11,100 homes in 2003 and to produce record revenues and net income for the sixth consecutive year. The continued execution of our organic growth strategy, complemented by our recent expansion into new markets in Texas and Florida, should help us achieve our goal of increasing our home closings by 15% and reaching new highs for operating performance in 2004.”

Highest Homebuilding Profits in Company History

        Homebuilding operating profits for the third quarter and first nine months of 2003 were $118.1 million and $267.9 million, respectively, representing increases of 57% and 38% over profits of $75.5 million and $194.5 million, respectively, for the same periods in 2002. The increases in the 2003 periods primarily are the result of the record levels of home closings and, to a lesser extent, higher home gross margins. As previously reported, the Company closed 3,113 homes and 7,837 homes, respectively, for the three and nine months ended September 30, 2003, 37% and 33% higher, respectively, than home closings for same periods in 2002. For the third quarter and first nine months of 2003, the Company’s home gross margins were 24.8% and 23.7%, respectively, compared with 23.4% and 23.1%, respectively, for the same periods in 2002. Home sales revenues for the three and nine months ended September 30, 2003 increased to $779 million and $2.005  billion, respectively, compared with home sales revenues of $568 million and $1.510 billion for the same periods in 2002.

         Paris G. Reece III, MDC’s executive vice president and chief financial officer, said, “The geographic diversification of our operations continued to accelerate through the 2003 third quarter, with each of our active homebuilding divisions outside of Colorado realizing significantly improved results. Investments we made in 2002 to expand our active communities in Nevada, Virginia, Arizona and Southern California provided substantial increases in home closings in the third quarter, fueling much of the profit improvements in these markets. A number of these home closings had been expected to close in the fourth quarter, but because of favorable weather conditions and other factors, closed in the third quarter. Increases in our home gross margins in Nevada and Southern California, two of our strongest markets for homebuilding, contributed to improved operating results in both the third quarter and first nine months. In addition, our home gross margins for the 2003 third quarter were increased by almost 100 basis points due to non-recurring insurance recoveries in Colorado in

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relation to warranty expenses we incurred in prior periods for water intrusion issues, as well as reductions in previous estimates to complete land development and construction in various markets.”

        Reece continued, “Our expectations for 2003 fourth quarter home closings include the acceleration of certain home closings into the 2003 third quarter, as previously discussed. In addition, we estimate that as many as 100 sold homes that were otherwise expected to close in the fourth quarter in Virginia and Maryland will not close until the first quarter of 2004 due to weather-related delays caused by Hurricane Isabel. These two markets recently have produced some of the highest home gross margins in the Company. These factors may impact our ability to exceed our record-setting third quarter performance in the 2003 fourth quarter. Nevertheless, we believe we will achieve year-over-year increases in fourth quarter home closings, revenues and net income.”

Record Financial Services Results

         Operating profits from the Company’s financial services operations increased to $7.2 million and $23.4 million, respectively, for the quarter and nine months ended September 30, 2003, compared with $5.9 million and $16.1 million, respectively, for the same periods in 2002. The profit improvements in 2003 primarily resulted from increased gains on sales of mortgage loans due to higher volumes of mortgage loan originations and the generally favorable mortgage interest rate environment. Reported gains on sales of mortgage loans may vary significantly from period to period depending on the volatility in the interest rate market. In the quarter and nine months ended September 30, 2003, the Company received $5.8 million and $15.7 million, respectively, of mortgage loan origination income on $406 million and $1.095 billion, respectively, in mortgage loans originated. The record mortgage loan origination income in these periods represented increases of 27% and 23%, compared with mortgage loan origination income of $4.6 million and $12.8 million, respectively, received on $330 million and $867 million, respectively, of originations in the same periods in 2002.

        All earnings per share amounts discussed above are on a diluted basis.

        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. For more information, please visitwww.richmondamerican.com.

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        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.

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M.D.C. HOLDINGS, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share amounts)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2003			2002			2003			2002
REVENUES
Homebuilding	$	782,726		$	570,386		$	2,011,058		$	1,516,318
Financial Services		16,022			11,160			46,348			30,437
Corporate		158			152			584			747
Total Revenues	$	798,906		$	581,698		$	2,057,990		$	1,547,502
NET INCOME
Homebuilding	$	118,121		$	75,472		$	267,923		$	194,531
Financial Services		7,242			5,905			23,408			16,120
Operating Profit		125,363			81,377			291,331			210,651
Expenses related to debt redemption		--			--			(9,315	)		--
Other corporate expense, net		(18,001	)		(10,346	)		(43,883	)		(30,245	)
Income before income taxes		107,362			71,031			238,133			180,406
Provision for income taxes		(41,886	)		(27,472	)		(92,926	)		(70,175	)
Net Income	$	65,476		$	43,559		$	145,207		$	110,231
EARNINGS PER SHARE
Basic	$	2.25		$	1.48		$	5.02		$	3.74
Diluted	$	2.16		$	1.43		$	4.83		$	3.60
WEIGHTED-AVERAGE SHARES OUTSTANDING
Basic		29,066			29,400			28,905			29,495
Diluted		30,303			30,448			30,074			30,647
DIVIDENDS PAID PER SHARE	$	.125		$	.073		$	.280		$	.209

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M.D.C. HOLDINGS, INC.
Information on Business Segments
(In thousands)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2003			2002			2003			2002
Homebuilding
Home sales	$	779,457		$	568,195		$	2,005,471		$	1,510,224
Land sales		1,175			1,485			1,298			2,231
Other revenues		2,094			706			4,289			3,863
Total Homebuilding Revenues		782,726			570,386			2,011,058			1,516,318
Home cost of sales		585,970			435,041			1,529,557			1,161,155
Land cost of sales		755			1,237			842			1,741
Marketing		42,453			31,794			115,678			85,139
General and administrative		35,427			26,842			97,058			73,752
		664,605			494,914			1,743,135			1,321,787
Homebuilding Operating Profit		118,121			75,472			267,923			194,531
Financial Services
Interest revenues		1,264			1,045			3,297			2,994
Origination fees		5,812			4,563			15,706			12,784
Gains on sales of mortgage servicing		444			408			1,607			1,360
Gains on sales of mortgage loans, net		7,924			4,902			24,021			12,643
Mortgage servicing and other		578			242			1,717			656
Total Financial Services Revenues		16,022			11,160			46,348			30,437
General and administrative		8,780			5,255			22,940			14,317
Financial Services Operating Profit		7,242			5,905			23,408			16,120
Total Operating Profit		125,363			81,377			291,331			210,651
Corporate
Expenses related to debt redemption		--			--			(9,315	)		--
Interest and other revenues		158			152			584			747
Other general and administrative expenses		(18,159	)		(10,498	)		(44,467	)		(30,992	)
Income Before Income Taxes	$	107,362		$	71,031		$	238,133		$	180,406

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M.D.C. HOLDINGS, INC.
Selected Financial Data
(Dollars in thousands, except per share amounts)

	September 30, 2003			December 31, 2002			September 30, 2002
BALANCE SHEET DATA
Stockholders' Equity Per Share Outstanding	$	32.16		$	27.54		$	25.75
Stockholders' Equity	$	940,986		$	800,567		$	754,962
Homebuilding and Corporate Debt		399,611			322,990			429,551
Capital (excluding mortgage lending debt)	$	1,340,597		$	1,123,557		$	1,184,513
Ratio of Homebuilding and Corporate Debt to Equity		.42			.40			.57
Ratio of Homebuilding and Corporate Debt to Capital		.30			.29			.36
Cash and Cash Equivalents		21,751			28,942			35,243
Unrestricted Cash and Available Borrowing Capacity Under         Lines of Credit		513,727			618,774			310,466
Housing Completed or Under Construction Inventories		776,951			578,475			675,233
Land and Land Under Development Inventories		720,385			656,843			604,717
Corporate and Homebuilding Interest Capitalized
Interest Capitalized in Inventory at Beginning of Period		17,783			17,358			17,604
Interest Incurred		20,514			21,116			5,907
Interest in Home and Land Cost of Sales		(18,232	)		(20,691	)		(4,568	)
Interest Capitalized in Inventory at End of Period	$	20,065		$	17,783		$	18,943
Interest Capitalized as a Percent of Inventories		1.3%			1.4%			1.5%
Lots Owned		16,283			16,962			16,975
Lots Under Option		6,663			6,995			6,288
Homes Under Construction (including models)		5,655			3,751			4,705
Active Subdivisions		198			178			175

	Three Months Ended September 30,				Nine Months Ended September 30,
	2003		2002		2003		2002
OPERATING DATA
Interest in Home and Land Cost of Sales as a Percent of Home
Sales Revenues		0.9%		0.8%		0.9%		0.9%
Homebuilding and Corporate SG&A as a Percent of Home        Sales Revenues		12.3%		12.2%		12.8%		12.6%
Depreciation and Amortization		9,388		6,548		25,863		17,366
Average Selling Price Per Home Closed	$	250.4	$	249.6	$	255.9	$	255.7
Home Gross Margins		24.8%		23.4%		23.7%		23.1%
Excluding Interest in Home Cost of Sales		25.7%		24.2%		24.6%		24.0%

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

	Three Months Ended September 30,				Nine Months 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 (Units)
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, 2003		December 31, 2002		September 30, 2002
Backlog (Units)
Colorado		995		957		1,389
California		985		922		1,141
Nevada		1,052		350		577
Arizona		1,676		1,076		1,287
Utah		149		50		54
Texas		115		16		2
Virginia		893		476		470
Maryland		282		188		178
Florida*		130		--		--
Total		6,277		4,035		5,098
Backlog Estimated Sales Value	$	1,650,000	$	1,120,000	$	1,350,000

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

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