M.D.C. (MDC) 8-K M.D.C. Holdings Announces Preliminary 2016 Second Quarter Results for Home Sale Revenues, Gross Margin from Home Sales, Net New Orders and Backlog

Exhibit 99.1

M.D.C. HOLDINGS, INC.

News Release

M.D.C. HOLDINGS ANNOUNCES PRELIMINARY 2016 SECOND QUARTER RESULTS FOR HOME SALE REVENUES, GROSS MARGIN FROM HOME SALES, NET NEW ORDERS AND BACKLOG

DENVER, COLORADO, Wednesday, July 20, 2016. In anticipation of investor meetings scheduled to occur before its final unaudited results will be available, M.D.C. Holdings, Inc. (NYSE: MDC) announced preliminary results for home sale revenues, gross margin from home sales, net new orders, and backlog for the 2016 second quarter. These results are preliminary and unaudited. The Company will announce final totals when it releases its final results for the 2016 second quarter on August 3, 2016, followed by a 12:30 P.M. (EST) conference call that will be broadcast live on its website.

2016Second Quarter Highlights and Comparisons to 2015Second Quarter (preliminary and unaudited)

● Home sale revenues up 24% to $571.2 million from $461.7 million

● Gross margin from home sales expected to be roughly even with the prior year

● Dollar value of net new orders up 15% to $723.3 million from $629.7 million

● Ending backlog dollar value up 42% to $1.61 billion from $1.13 billion

Larry A. Mizel, MDC’s Chairman and Chief Executive Officer, stated, “The 24% year-over-year improvement in our home sale revenues for our 2016 second quarter was our fastest rate of increase in eleven quarters. We will be focused on continuing a pattern of revenue growth for the remainder of the year, as we work to drive higher returns for our Company while maintaining a strong balance sheet.”

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About MDC

Since 1972, MDC's subsidiary companies have built and financed the American dream for more than 185,000 homebuyers. MDC's commitment to customer satisfaction, quality and value is reflected in each home its subsidiaries build. MDC is one of the largest homebuilders in the United States. Its subsidiaries have homebuilding operations across the country, including the metropolitan areas of Denver, Colorado Springs, Salt Lake City, Las Vegas, Phoenix, Tucson, Riverside-San Bernardino, Los Angeles, San Diego, Orange County, San Francisco Bay Area, Sacramento, Washington D.C., Baltimore, Orlando, Jacksonville, South Florida and Seattle. The Company's subsidiaries also provide mortgage financing, insurance and title services, primarily for Richmond American homebuyers, through HomeAmerican Mortgage Corporation, American Home Insurance Agency, Inc. and American Home Title and Escrow Company, respectively. M.D.C. Holdings, Inc. is traded on the New York Stock Exchange under the symbol "MDC." For more information, visitwww.mdcholdings.com.

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Forward-Looking Statements

Information presented herein for the second quarter ended June 30, 2016 is subject to finalization of the Company’s regulatory filings, related financial and accounting reporting procedures and external auditor procedures.

Certain statements in this release, including statements regarding our business, financial condition, results of operation, cash flows, strategies and prospects, 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 MDC 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 conditions, including changes in consumer confidence, inflation or deflation and employment levels; (2) changes in business conditions experienced by MDC, including cancellation rates, net home orders, home gross margins, land and home values and subdivision counts; (3) changes in interest rates, mortgage lending programs and the availability of credit; (4) changes in the market value of MDC’s investments in marketable securities; (5) uncertainty in the mortgage lending industry, including repurchase requirements associated with HomeAmerican Mortgage Corporation’s sale of mortgage loans (6) the relative stability of debt and equity markets; (7) competition; (8) the availability and cost of land and other raw materials used by MDC in its homebuilding operations; (9) the availability and cost of performance bonds and insurance covering risks associated with our business; (10) shortages and the cost of labor; (11) weather related slowdowns and natural disasters; (12) slow growth initiatives; (13) building moratoria; (14) governmental regulation, including the interpretation of tax, labor and environmental laws; (15) terrorist acts and other acts of war; (16) changes in energy prices; and (17) other factors over which MDC has little or no control.Additional information about the risks and uncertainties applicable to MDC's business is contained in MDC's most recent annual report on Form 10-K and our subsequent quarterly reports on Form 10-Q filed withthe 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. MDC undertakes no duty to update publicly 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 webcasts should be consulted.

Contact:       Kevin McCarty

Vice President of Finance and Corporate Controller

1-866-424-3395 /(720) 977-3395

IR@mdch.com

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M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

(The fiscal 2016 information presented below is preliminary and unaudited.)

New Home Deliveries

	Three Months Ended June 30,
	2016						2015						% Change
	Homes		Dollar Value		Average Price		Homes		Dollar Value		Average Price		Homes			Dollar Value			Average Price
	(Dollars in thousands)
Arizona		201	$	60,976	$	303.4		203	$	58,691	$	289.1		(1	)%		4	%		5	%
California		192		117,985		614.5		185		89,544		484.0		4	%		32	%		27	%
Nevada		148		51,834		350.2		134		46,616		347.9		10	%		11	%		1	%
Washington		85		39,236		461.6		59		22,850		387.3		44	%		72	%		19	%
West		626		270,031		431.4		581		217,701		374.7		8	%		24	%		15	%
Colorado		353		172,100		487.5		317		147,925		466.6		11	%		16	%		4	%
Utah		51		17,935		351.7		25		8,968		358.7		104	%		100	%		(2	)%
Mountain		404		190,035		470.4		342		156,893		458.8		18	%		21	%		3	%
Maryland		83		41,639		501.7		57		25,702		450.9		46	%		62	%		11	%
Virginia		75		38,623		515.0		60		28,326		472.1		25	%		36	%		9	%
Florida		84		30,867		367.5		86		33,086		384.7		(2	)%		(7	)%		(4	)%
East		242		111,129		459.2		203		87,114		429.1		19	%		28	%		7	%
Total		1,272	$	571,195	$	449.1		1,126	$	461,708	$	410.0		13	%		24	%		10	%

	Six Months Ended June 30,
	2016						2015						% Change
	Homes		Dollar Value		Average Price		Homes		Dollar Value		Average Price		Homes			Dollar Value			Average Price
	(Dollars in thousands)
Arizona		361	$	106,038	$	293.7		353	$	105,577	$	299.1		2	%		0	%		(2	)%
California		317		193,515		610.5		325		158,530		487.8		(2	)%		22	%		25	%
Nevada		255		90,260		354.0		245		87,530		357.3		4	%		3	%		(1	)%
Washington		159		71,593		450.3		115		42,881		372.9		38	%		67	%		21	%
West		1,092		461,406		422.5		1,038		394,518		380.1		5	%		17	%		11	%
Colorado		602		293,675		487.8		562		259,863		462.4		7	%		13	%		6	%
Utah		90		32,510		361.2		56		20,140		359.6		61	%		61	%		0	%
Mountain		692		326,185		471.4		618		280,003		453.1		12	%		16	%		4	%
Maryland		117		57,445		491.0		113		52,858		467.8		4	%		9	%		5	%
Virginia		115		58,777		511.1		119		57,446		482.7		(3	)%		2	%		6	%
Florida		163		61,802		379.2		147		53,892		366.6		11	%		15	%		3	%
East		395		178,024		450.7		379		164,196		433.2		4	%		8	%		4	%
Total		2,179	$	965,615	$	443.1		2,035	$	838,717	$	412.1		7	%		15	%		8	%

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M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

(The fiscal 2016 information presented below is preliminary.)

Net New Orders

	Three Months Ended June 30,
	2016								2015								% Change
	Homes		Dollar Value		Average Price		Monthly Absorption Rate *		Homes		Dollar Value		Average Price		Monthly Absorption Rate *		Homes			Dollar Value			Average Price			Monthly Absorption Rate *
	(Dollars in thousands)
Arizona		237	$	69,685	$	294.0		2.63		250	$	70,350	$	281.4		2.35		(5	)%		(1	)%		4	%		12	%
California		308		178,438		579.3		5.33		283		158,462		559.9		4.44		9	%		13	%		3	%		20	%
Nevada		230		81,610		354.8		3.48		150		56,254		375.0		4.55		53	%		45	%		(5	)%		(24	)%
Washington		118		56,463		478.5		3.42		109		45,769		419.9		2.79		8	%		23	%		14	%		23	%
West		893		386,196		432.5		3.60		792		330,835		417.7		3.27		13	%		17	%		4	%		10	%
Colorado		413		191,329		463.3		4.02		410		187,483		457.3		3.23		1	%		2	%		1	%		24	%
Utah		77		28,070		364.5		3.21		63		22,458		356.5		3.11		22	%		25	%		2	%		3	%
Mountain		490		219,399		447.8		3.87		473		209,941		443.8		3.22		4	%		5	%		1	%		20	%
Maryland		69		31,750		460.1		1.67		61		28,660		469.8		2.14		13	%		11	%		(2	)%		(22	)%
Virginia		73		37,362		511.8		2.95		43		22,318		519.0		1.74		70	%		67	%		(1	)%		70	%
Florida		122		48,565		398.1		2.32		112		37,938		338.7		2.45		9	%		28	%		18	%		(5	)%
East		264		117,677		445.7		2.23		216		88,916		411.6		2.18		22	%		32	%		8	%		2	%
Total		1,647	$	723,272	$	439.1		3.34		1,481	$	629,692	$	425.2		3.03		11	%		15	%		3	%		10	%

	Six Months Ended June 30,
	2016								2015								% Change
	Homes		Dollar Value		Average Price		Monthly Absorption Rate *		Homes		Dollar Value		Average Price		Monthly Absorption Rate *		Homes			Dollar Value			Average Price			Monthly Absorption Rate *
	(Dollars in thousands)
Arizona		460	$	138,307	$	300.7		2.50		475	$	132,673	$	279.3		2.22		(3	)%		4	%		8	%		13	%
California		537		322,374		600.3		4.54		512		280,992		548.8		4.15		5	%		15	%		9	%		9	%
Nevada		459		163,041		355.2		3.57		377		143,669		381.1		4.83		22	%		13	%		(7	)%		(26	)%
Washington		242		116,336		480.7		3.17		221		91,814		415.4		2.90		10	%		27	%		16	%		9	%
West		1,698		740,058		435.8		3.35		1,585		649,148		409.6		3.22		7	%		14	%		6	%		4	%
Colorado		906		427,248		471.6		4.11		900		418,453		464.9		3.56		1	%		2	%		1	%		15	%
Utah		143		52,783		369.1		3.03		129		46,747		362.4		3.27		11	%		13	%		2	%		(7	)%
Mountain		1,049		480,031		457.6		3.92		1,029		465,200		452.1		3.52		2	%		3	%		1	%		11	%
Maryland		158		74,810		473.5		2.09		128		62,276		486.5		2.33		23	%		20	%		(3	)%		(10	)%
Virginia		158		82,055		519.3		3.07		115		57,497		500.0		2.10		37	%		43	%		4	%		46	%
Florida		230		97,657		424.6		2.42		217		77,374		356.6		2.51		6	%		26	%		19	%		(4	)%
East		546		254,522		466.2		2.46		460		197,147		428.6		2.34		19	%		29	%		9	%		5	%
Total		3,293	$	1,474,611	$	447.8		3.30		3,074	$	1,311,495	$	426.6		3.13		7	%		12	%		5	%		5	%

* Calculated as total net new orders in period ÷ average active communities during period ÷ number of months in period

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M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

(The fiscal 2016 information presented below is preliminary.)

Backlog

	June 30,
	2016						2015						% Change
	Homes		Dollar Value		Average Price		Homes		Dollar Value		Average Price		Homes			Dollar Value			Average Price
	(Dollars in thousands)
Arizona		419	$	129,591	$	309.3		353	$	102,062	$	289.1		19	%		27	%		7	%
California		562		360,450		641.4		379		217,806		574.7		48	%		65	%		12	%
Nevada		399		138,604		347.4		287		114,305		398.3		39	%		21	%		(13	)%
Washington		262		127,968		488.4		161		68,564		425.9		63	%		87	%		15	%
West		1,642		756,613		460.8		1,180		502,737		426.0		39	%		50	%		8	%
Colorado		1,126		546,356		485.2		917		428,450		467.2		23	%		28	%		4	%
Utah		161		59,133		367.3		113		39,681		351.2		42	%		49	%		5	%
Mountain		1,287		605,489		470.5		1,030		468,131		454.5		25	%		29	%		4	%
Maryland		131		61,623		470.4		83		42,326		510.0		58	%		46	%		(8	)%
Virginia		144		76,278		529.7		86		44,964		522.8		67	%		70	%		1	%
Florida		241		107,679		446.8		179		71,180		397.7		35	%		51	%		12	%
East		516		245,580		475.9		348		158,470		455.4		48	%		55	%		5	%
Total		3,445	$	1,607,682	$	466.7		2,558	$	1,129,338	$	441.5		35	%		42	%		6	%

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