<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from MDC
Holdings, Inc. consolidated financial statements included in its Form 10-Q for
the quarter ended March 31, 1997 and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               MAR-31-1997
<CASH>                                          11,111
<SECURITIES>                                     5,201
<RECEIVABLES>                                   16,266
<ALLOWANCES>                                         0
<INVENTORY>                                    437,682
<CURRENT-ASSETS>                                     0
<PP&E>                                           9,328
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 610,814
<CURRENT-LIABILITIES>                                0
<BONDS>                                        262,454
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           234
<OTHER-SE>                                     208,269
<TOTAL-LIABILITY-AND-EQUITY>                   610,814
<SALES>                                        189,149
<TOTAL-REVENUES>                               193,819
<CGS>                                        (181,694)
<TOTAL-COSTS>                                (188,052)
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               (761)
<INCOME-PRETAX>                                  5,767
<INCOME-TAX>                                   (2,181)
<INCOME-CONTINUING>                              3,586
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                (2,179)
<CHANGES>                                            0
<NET-INCOME>                                     1,407
<EPS-PRIMARY>                                      .08
<EPS-DILUTED>                                      .08