[SEAL]
NEW BULLETIN                                 BUILDING AND FINANCING THE AMERICAN
                                                  DREAM-Registered Trademark-


                                                           M.D.C. HOLDINGS, INC.
FOR IMMEDIATE RELEASE                             3600 SOUTH YOSEMITE, SUITE 900
WEDNESDAY, JANUARY 14, 1998                               DENVER, COLORADO 80237

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Contacts:  Paris G. Reese III                       Daniel S. Japha
           Chief Financial Officer                  Director, Investor Relations
           (303) 804-7706                           (303) 804-7730
           (Financial Information)                  (General Information)


                            MDC HOLDINGS ANNOUNCES
                        RECORD HOME ORDERS AND BACKLOG,
                             HIGHER HOME CLOSINGS
                                     AND
                                DEBT ISSUANCE


     DENVER, Wednesday, January 14, 1998 - M.D.C. Holdings, Inc. (NYSE/PSE: MDC)
today announced home orders, closings and backlog for the three months and 
year ended December 31, 1997.  The Company received 5,769 orders for homes in 
1997, representing the highest annual level of orders in the Company's 
history and a 14% increase over the 5,049 orders for homes in 1996.  These 
improved orders were achieved despite a 10% decrease in the number of active 
subdivisions to 137 in December 1997 from December 1996.  The Company 
received orders for 1,370 homes for the quarter ended December 31, 1997, an 
improvement of 36% over the 1,009 orders received for the same period in 
1996.  The fourth quarter 1997 year-over-year increase is attributable to 
improved home orders in each of the Company's markets except Northern 
California, with particular strength in Phoenix (up 84%), Colorado (up 45%), 
Tucson (up 34%) and the Mid-Atlantic (up 32%).  MDC closed 1,431 and 5,223 
homes, respectively, for the three months and year ended December 31, 1997, 
compared with 1,368 and 4,974 homes closed for the same respective periods in 
1996.  The Company's strong 1997 fourth quarter home orders contributed to a 
record year-end backlog level at December 31, 1997 of 2,032 units, 37% higher 
than the backlog of 1,486 units at December 31, 1996.

     The Company also announced today that it plans to file with the 
Securities and Exchange Commission a preliminary Prospectus Supplement for a 
proposed public offering of $175,000,000 of senior unsecured notes.  The 
notes will be senior obligations of M.D.C. Holdings, Inc. and will rank 
equally with its other senior unsecured indebtedness.  The Company intends to 
use the proceeds of the offering principally to refinance its outstanding 
11-1/8% senior notes.  The managing underwriters for the offering are Salomon 
Smith Barney, Morgan Stanley Dean Witter and SBC Warburg Dillon Read Inc.


                                    -more-



            [SEAL]
BUILDING AND FINANCING THE AMERICAN
   DREAM-Registered Trademark-

M.D.C. HOLDINGS, INC.
Page 2


     The notes will be issued pursuant to an effective "shelf" registration 
statement and are being offered by means of the Prospectus included in the 
registration statement and the related Prospectus Supplement.  This press 
release shall not constitute an offer to sell or the solicitation of an offer 
to buy the notes or any other securities of the Company, nor shall there by 
any sale of the notes in any state which such offer, solicitation or sale 
would be unlawful prior to the registration or qualification under the 
securities laws of any such state.

     MDC is one of the largest homebuilders in the United States, building 
homes under the name "Richmond American Homes" and providing 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 builders in Riverside County, California, Northern 
Virginia, suburban Maryland, Tucson and Colorado Springs; among the top ten 
homebuilders in Phoenix; and has a growing presence in Orange, Los Angeles, 
San Bernardino, Ventura and San Diego Counties, California and Las Vegas.  
The Company also builds homes in the San Francisco Bay area.


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