<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted from M.D.C
Holdings, Inc. Condensed Consolidated Financial Statements included in its Form
10-Q for the quarterly period ended September 30, 1994 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-START>                             JAN-01-1994
<PERIOD-END>                               SEP-30-1994
<CASH>                                          47,809
<SECURITIES>                                    10,962
<RECEIVABLES>                                   17,040
<ALLOWANCES>                                         0
<INVENTORY>                                    484,787
<CURRENT-ASSETS>                                     0
<PP&E>                                          10,048
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 757,117
<CURRENT-LIABILITIES>                                0
<BONDS>                                        365,738
<COMMON>                                           217
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                     188,742
<TOTAL-LIABILITY-AND-EQUITY>                   757,117
<SALES>                                        557,406
<TOTAL-REVENUES>                               580,713
<CGS>                                          522,820
<TOTAL-COSTS>                                  537,498
<OTHER-EXPENSES>                                12,059
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               6,912
<INCOME-PRETAX>                                 24,244
<INCOME-TAX>                                     9,314
<INCOME-CONTINUING>                             14,930
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    14,930
<EPS-PRIMARY>                                      .73
<EPS-DILUTED>                                      .67