EXH. 99.1


                       MDC HOLDINGS ANNOUNCES CHANGES TO
                            SENIOR MANAGEMENT TEAM

         DENVER,  Friday,  July 2, 1999 - Larry A. Mizel,  Chairman of the Board
and Chief Executive  Officer of M.D.C.  Holdings,  Inc.  (NYSE/PCX:  MDC), today
announced  that  MDC's  Board of  Directors  promoted  members  of MDC's  senior
management  team. David D. Mandarich,  formerly  Executive Vice President - Real
Estate and Chief  Operating  Officer,  was named  President and Chief  Operating
Officer.  Paris G. Reece III was promoted to Executive  Vice President and Chief
Financial  Officer from Senior Vice President and Chief Financial  Officer,  and
Michael  Touff,  formerly Vice President and General  Counsel,  was named Senior
Vice President and General Counsel.

         MDC is one of the largest  homebuilders in the United States,  building
homes under the name Richmond American Homes. The Company also provides mortgage
financing, primarily for MDC's home buyers, 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  metropolitan   Denver;  among  the  top  five
homebuilders in Northern  Virginia,  Tucson and Colorado Springs;  among the top
ten  homebuilders in Southern  California,  Phoenix,  suburban  Maryland and Las
Vegas; and has a growing presence in the San Francisco Bay area.




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