<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, 1998 and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               MAR-31-1998
<CASH>                                          11,059
<SECURITIES>                                     1,412
<RECEIVABLES>                                   15,218
<ALLOWANCES>                                         0
<INVENTORY>                                    477,206
<CURRENT-ASSETS>                                     0
<PP&E>                                          10,004
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 674,552
<CURRENT-LIABILITIES>                                0
<BONDS>                                        291,385
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           239
<OTHER-SE>                                     224,115
<TOTAL-LIABILITY-AND-EQUITY>                   674,552
<SALES>                                        238,597
<TOTAL-REVENUES>                               243,501
<CGS>                                        (224,453)
<TOTAL-COSTS>                                (227,099)
<OTHER-EXPENSES>                               (3,512)
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                 12,890
<INCOME-TAX>                                   (4,962)
<INCOME-CONTINUING>                              7,928
<DISCONTINUED>                                       0
<EXTRAORDINARY>                               (15,314)
<CHANGES>                                            0
<NET-INCOME>                                   (7,386)
<EPS-PRIMARY>                                    (.41)
<EPS-DILUTED>                                    (.31)