Exhibit 99.1

M.D.C. HOLDINGS, INC. 

News Release

M.D.C. HOLDINGS ANNOUNCES 2015 THIRD QUARTER RESULTS

DENVER, COLORADO, Tuesday, October 27, 2015. M.D.C. Holdings, Inc. (NYSE: MDC) announced results for the quarter ended September 30, 2015.

2015 Third Quarter Highlights and Comparisons to 2014 Third Quarter

Larry A. Mizel, MDC’s Chairman and Chief Executive Officer, stated, “During the 2015 third quarter, our pre-impairment gross margin percentage continued to increase both year-over-year and from the 2015 second quarter. When coupled with a robust increase in the average price of our homes delivered, this improvement drove our average pre-impairment gross margin per home closed for the quarter to more than $70,000, our highest amount since 2006.”

Mr. Mizel continued, “We continued to see evidence that the homebuilding industry is on strong footing during the quarter. Not only did key macroeconomic drivers such as employment levels and consumer confidence continue to show modest improvements, but we also saw increasing evidence of accelerating wage growth and increasing household formation and birth rates. In combination with low interest rates and a limited supply of both new and existing home inventories, we believe that these factors can fuel continued improvement in overall market conditions for the industry.”

Mr. Mizel concluded, “As a result of improved year-to-date sales activity and price increases implemented in many of our subdivisions throughout the year, combined with a longer sale-to-close cycle time resulting from an increasing percentage of dirt sales, the dollar value of our backlog reached $1.18 billion at the end of the quarter, up nearly 50% from a year ago. The increased number of units in production, both for us and the industry, has strained our subcontractor base, resulting in a lower backlog conversion rate, even against already tempered expectations. However, we believe that the increased level of backlog also gives us a strong base for continued year-over-year revenue growth for the next few quarters.”

M.D.C. HOLDINGS, INC. 

Homebuilding

Home sale revenues for the 2015 third quarter increased 12% to $454.7 million, compared to $405.1 million for the prior year period. The increase in revenue was driven by a 14% increase in average selling price, primarily due to a mix shift to higher-priced submarkets and to a lesser extent price increases implemented earlier in the year.

Gross margin from home sales for the 2015 third quarter was down 10 basis points from the same period in 2014, due primarily to $4.4 million in inventory impairments and higher land and construction costs, partially offset by a 90 basis point improvement in our interest in cost of sales as a percentage of home sale revenues, price increases implemented in various communities, and a higher percentage of our deliveries coming from dirt sales, which typically have higher gross margins than the sale of units already under construction. Excluding inventory impairments, our gross margin from home sales for the 2015 third quarter was 17.3%* (see below for a reconciliation of non-GAAP measures), up 80 basis points year-over-year. Sequentially, from the 2015 second quarter, our gross margin from home sales excluding inventory impairments increased 70 basis points, due primarily to (1) a 30 basis point improvement in our interest in cost of sales as a percent of home sale revenues, (2) a higher percentage of our total deliveries coming from dirt starts and (3) an increase in the gross margin for our spec deliveries, due to decreased incentives offered on the sale of these units.

Selling, general and administrative expenses (“SG&A”) expenses for the 2015 third quarter were $57.4 million, while our SG&A expenses as a percent of home sale revenues (“SG&A rate”) was 12.6%. For the same period in 2014, our SG&A expenses were $50.5 million, while our SG&A rate was 12.5%. The 10 basis point increase in our SG&A rate was driven primarily by a $5.4 million increase in executive compensation related expenses, partially offset by lower marketing costs relative to home sale revenues.

For the three months ended September 30, 2015, our interest and other income decreased $5.1 million, due primarily to a lower average marketable securities balance. Additionally, our impairments of marketable securities for the 2015 third quarter were $2.2 million, down $2.1 million from $4.3 million in the 2014 third quarter.

The dollar value of net new orders for the 2015 third quarter increased 13% to $489.0 million from $431.6 million for the same period in 2014. The improvement was primarily driven by a 10% increase in average selling price and, to a lesser extent, a 3% increase in the number of net new orders. Despite a year-over-year decrease in our average active subdivision count, our net new orders were up as a result of an 8% improvement in our monthly sales absorption pace. The increases in average selling price for both periods are the result of price increases implemented in many of our active subdivisions across most of our markets during the first nine months of 2015, coupled with changes in the mix of net new orders to higher priced submarkets. Our cancellation rate for the 2015 third quarter was nearly unchanged from a year ago at 25% compared to 26% for the same period in the prior year.

Our backlog value at the end of the 2015 third quarter was up 49% year-over-year to $1.18 billion. The increase was driven primarily by an 8% increase in the average selling price of homes in backlog and a 38% increase in units in backlog, due to year-over-year increases in net new orders for each of the past four quarters coupled with a higher percentage of dirt sales, which are generally in backlog for a longer period of time, and delayed closings as a result of limited subcontractor availability.

M.D.C. HOLDINGS, INC.  

Financial Services

Income before taxes from our financial services operations for the 2015 third quarter was $8.3 million, an increase of $2.3 million from $6.0 million for the 2014 third quarter. The improvement was primarily driven by year-over-year increases in the dollar value of loans locked, originated, and sold in our mortgage operations.

About MDC

Since 1972, MDC's subsidiary companies have built and financed the American dream for more than 180,000 homebuyers. MDC's commitment to customer satisfaction, quality and value is reflected in each home its subsidiaries build. MDC is one of the largest homebuilders in the United States. Its subsidiaries have homebuilding operations across the country, including the metropolitan areas of Denver, Colorado Springs, Salt Lake City, Las Vegas, Phoenix, Tucson, Riverside-San Bernardino, Los Angeles, San Diego, Orange County, San Francisco Bay Area, Sacramento, Washington D.C., Baltimore, Orlando, Jacksonville, South Florida and Seattle. The Company's subsidiaries also provide mortgage financing, insurance and title services, primarily for Richmond American homebuyers, through HomeAmerican Mortgage Corporation, American Home Insurance Agency, Inc. and American Home Title and Escrow Company, respectively. M.D.C. Holdings, Inc. is traded on the New York Stock Exchange under the symbol "MDC." For more information, visit www.mdcholdings.com.

Forward-Looking Statements

Certain statements in this release, including statements regarding our business, financial condition, results of operation, cash flows, strategies and prospects, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of MDC to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among other things, (1) general economic conditions, including changes in consumer confidence, inflation or deflation and employment levels; (2) changes in business conditions experienced by MDC, including cancellation rates, net home orders, home gross margins, land and home values and subdivision counts; (3) changes in interest rates, mortgage lending programs and the availability of credit; (4) changes in the market value of MDC’s investments in marketable securities; (5) uncertainty in the mortgage lending industry, including repurchase requirements associated with HomeAmerican Mortgage Corporation’s sale of mortgage loans (6) the relative stability of debt and equity markets; (7) competition; (8) the availability and cost of land and other raw materials used by MDC in its homebuilding operations; (9) the availability and cost of performance bonds and insurance covering risks associated with our business; (10) shortages and the cost of labor; (11) weather related slowdowns and natural disasters; (12) slow growth initiatives; (13) building moratoria; (14) governmental regulation, including the interpretation of tax, labor and environmental laws; (15) terrorist acts and other acts of war; (16) changes in energy prices; and (17) other factors over which MDC has little or no control. Additional information about the risks and uncertainties applicable to MDC's business is contained in MDC's Form 10-Q for the quarter ended September 30, 2015, which is scheduled to be filed with the Securities and Exchange Commission today. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this press release will increase with the passage of time. MDC undertakes no duty to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or webcasts should be consulted.

Contact:           Robert N. Martin

Senior Vice President and Chief Financial Officer

1-866-424-3395 / (720) 977-3395

IR@mdch.com

*Please see “Reconciliation of Non-GAAP Financial Measures” at the end of this release.

M.D.C. HOLDINGS, INC.

Consolidated Statements of Operations and Comprehensive Income

M.D.C. HOLDINGS, INC.

Consolidated Balance Sheets

M.D.C. HOLDINGS, INC.

Consolidated Statement of Cash Flows

M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

New Home Deliveries

M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

Net New Orders

* Calculated as total net new orders in period ÷ average active communities during period ÷ number of months in period

M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

Active Subdivisions

Backlog 

M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

Homes Completed or Under Construction (WIP lots)

Lots Owned and Options (including homes completed or under construction)