-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 DFe1zMD36Dyxggp6juKuVzP92uoWMsxFXAkLL0xDGTIqhbL3o1EW69PdIx/7acgD
 BFwff8jpUfK5TxoT5UaRYw==

<SEC-DOCUMENT>0001005477-03-000723.txt : 20030509
<SEC-HEADER>0001005477-03-000723.hdr.sgml : 20030509
<ACCEPTANCE-DATETIME>20030509153547
ACCESSION NUMBER:		0001005477-03-000723
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030509
FILED AS OF DATE:		20030509

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MDC HOLDINGS INC
		CENTRAL INDEX KEY:			0000773141
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				840622967
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		3600 S YOSEMITE ST STE 900
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237
		BUSINESS PHONE:		3037731100

	MAIL ADDRESS:	
		STREET 1:		3600 S YOSEMITE ST
		STREET 2:		SUITE 900
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			REECE PARIS G III
		CENTRAL INDEX KEY:			0001193963

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08951
		FILM NUMBER:		03690380

	BUSINESS ADDRESS:	
		STREET 1:		3600 S YOSEMITE ST STE 900
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237
		BUSINESS PHONE:		3037731100

	MAIL ADDRESS:	
		STREET 1:		3600 S YOSEMITE ST STE 900
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar123.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0101</schemaVersion>

<documentType>4</documentType>
    <periodOfReport>2003-05-09</periodOfReport>
    <notSubjectToSection16>0</notSubjectToSection16>
<issuer>        <issuerCik>0000773141</issuerCik>
        <issuerName>MDC HOLDINGS INC</issuerName>
<issuerTradingSymbol>MDC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
    <reportingOwnerId>
        <rptOwnerCik>0001193963</rptOwnerCik>
            <rptOwnerName>REECE PARIS G III</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
<reportingOwnerRelationship>
        <isDirector>0</isDirector>
        <isOfficer>1</isOfficer>
        <isTenPercentOwner>0</isTenPercentOwner>
        <isOther>0</isOther>
        <officerTitle>Exec. Vice Pres and CFO</officerTitle>
    </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeSecurity>
        <securityTitle>
            <value>Common Stock $.01 Par Value</value>
        </securityTitle>
        <transactionDate>
            <value>2003-05-09</value>
        </transactionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>A</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
        <transactionAmounts>
            <transactionShares>
                <value>24200</value>
            </transactionShares>
            <transactionValue>
                <value>9.41</value>
            </transactionValue>
            <transactionAcquiredDisposedCode>
                <value>A</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>
        <postTransactionAmounts>
            <sharesOwnedFollowingTransaction>
                <value>148948</value>
                <footnoteId id="F1"/>
            </sharesOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>
            <directOrIndirectOwnership>
                <value>D</value>
            </directOrIndirectOwnership>
        </ownershipNature>
    </nonDerivativeSecurity>

    <derivativeSecurity>
        <securityTitle>
            <value>Common Stock $.01 Par Value</value>
            <footnoteId id="F2"/>
        </securityTitle>
        <conversionOrExercisePrice>
            <value>9.41</value>
        </conversionOrExercisePrice>
        <transactionDate>
            <value>2003-05-09</value>
        </transactionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>M</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
        <transactionAmounts>
            <transactionShares>
                <value>24200</value>
            </transactionShares>
            <transactionValue>
                <value>.00</value>
            </transactionValue>
            <transactionAcquiredDisposedCode>
                <value>D</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>
        <exerciseDate>
            <value>1998-12-01</value>
        </exerciseDate>
        <expirationDate>
            <value>2003-12-01</value>
        </expirationDate>
        <underlyingSecurity>
            <underlyingSecurityTitle>
                <value>Common Stock $.01 Par Value</value>
            </underlyingSecurityTitle>
            <underlyingSecurityShares>
                <value>24200</value>
            </underlyingSecurityShares>
        </underlyingSecurity>
        <postTransactionAmounts>
            <sharesOwnedFollowingTransaction>
                <value>0</value>
            </sharesOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>
            <directOrIndirectOwnership>
                <value>D</value>
            </directOrIndirectOwnership>
        </ownershipNature>
    </derivativeSecurity>

    <footnotes>
        <footnote id="F1">Also, 1,530 shares held indirectly in Reporting Person's 401(K) Savings Plan account which changes on a monthly basis.</footnote>
        <footnote id="F2">Granted on December 1, 1997 under the Company's Employee Equity Incentive Plan.  This option vests as to 25% of the shares covered thereby on December 1, 1998 and cumulatively as to an additional 25% on each of December 1, 1999, 2000 and 2001.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Paris G. Reece III</signatureName>
        <signatureDate>2003-05-09</signatureDate>
    </ownerSignature>

</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----