Exhibit 99.1

M.D.C. HOLDINGS, INC.

News Release

M.D.C. HOLDINGS ANNOUNCES 2013 FIRST QUARTER RESULTS

DENVER, COLORADO, Thursday, May 2, 2013. M.D.C. Holdings, Inc. (NYSE: MDC) announced results for the quarter ended March 31, 2013.

2013 First Quarter Highlights and Comparisons to 2012 First Quarter

• Net income of $22.5 million, or $0.45 per diluted share vs. net income of $2.3 million, or $0.04 per diluted share

• Net new orders of 1,300 homes, up 22%

• Backlog of 1,927 homes, up 30%; backlog dollar value up 45% to $693.1 million

• Home sale revenues of $331.7 million, up 80%

• Homes delivered of 1,018, up 64%

• Gross margin from home sales of 17.4% vs. 14.1%, a 330 basis point increase

• Improvement of 70 basis points vs. 16.7% in 2012 fourth quarter

• SG&A expenses as a percentage of home sale revenues of 14.5% vs. 18.5%, a 400 basis point improvement

• Homebuilding pretax income of $14.8 million vs. loss of $2.7 million

• Financial services segment pretax profit of $7.7 million vs. pretax profit of $4.9 million

• Acquired 1,652 lots in 53 communities, including 28 new communities

• Total land acquisition spend of $118.0 million

Larry A. Mizel, MDC’s Chairman and Chief Executive Officer, stated, “I am pleased to announce a first quarter profit of $0.45 per diluted share, our fifth consecutive quarterly operating profit, with net income improving by $20.3 million over the prior year. Our favorable results were mostly attributable to significantly improved operating profits from our homebuilding segment, which continued to benefit from strong execution by our management team amidst improving market conditions, leading to increased volume and margin.”

Mr. Mizel continued, “Even after achieving significant order growth throughout 2012, during the first quarter of 2013 we realized a further 22% year-over-year increase on the strength of a monthly absorption rate of 3.0 net new home orders per active community, our highest level since 2006. The continued strengthening of our sales pace occurred even as we increased prices in most of our active subdivisions, reflecting an environment of improving demand for and low supply of single-family housing. Our focus on pricing has allowed us to again improve our gross margin percentage on both a sequential and year-over-year basis. Going forward, even though we expect increases in land and building costs based on improving demand, we continue to believe that it is a reasonable goal for our Company to improve gross margins on a sequential basis for the remainder of 2013.”

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M.D.C. HOLDINGS, INC.

Mr. Mizel concluded, “The improvement in our gross margin during the quarter complemented a year-over-year increase in our home sale revenues of 80%, thereby driving significant operating leverage for our Company, as evidenced by a 600 basis point expansion in our homebuilding pretax operating margin to 4.5%. Based on the strength of our backlog, which ended the quarter with a sales value up 45% from a year ago, we believe that we are in a strong position to drive revenue increases to improve our operating leverage further in future periods. Given the expanding volume for our business, we remain focused on controlling land for our future and ended the first quarter with more than 12,700 lots controlled, an increase of 11% from the end of the 2012 fourth quarter. Furthermore, many of the new subdivisions we have acquired over the past few quarters have recently opened, giving us the opportunity to increase our active subdivision count in the second quarter on a sequential basis for the first time in six quarters.”

Homebuilding

Home sale revenues for the 2013 first quarter increased 80% to $331.7 million compared to $184.7 million for the prior year period. The increase in revenues resulted primarily from a 64% increase in homes delivered to 1,018 homes as compared to 619 in the prior year. The Company’s average selling price for homes closed was $325,900, up 9% year-over-year compared to $298,300 for the prior year period, largely due to price appreciation and lower incentives in many of our markets.

Gross margin from home sales for the 2013 first quarter increased to 17.4% from 14.1% for the year-earlier period. On a sequential basis, our 2013 first quarter gross margin from home sales was up 70 basis points as compared to 16.7% for the 2012 fourth quarter. The increase was attributable to the Company’s continued increases in pricing and decreased incentives in most of its markets over the prior 12 months.

SG&A expenses as a percentage of home sales revenues decreased by 400 basis points to 14.5% for the 2013 first quarter versus 18.5% for the same period in 2012. The improvement was the result of operating leverage created by the Company’s 80% year-over-year increase in home sale revenues, which far outpaced a year-over-year increase in the Company’s absolute level of SG&A expenses.

Net new orders for the 2013 first quarter increased 22% to 1,300 homes, compared to 1,063 homes during the same period in 2012. The Company’s monthly sales absorption rate for the 2013 first quarter rose 60% to 3.0 per community, compared to 1.9 per community for the 2012 first quarter. The Company’s cancellation rate for the 2013 first quarter was 18% versus 21% in the prior year first quarter and 24% in the 2012 fourth quarter.

The Company ended the 2013 first quarter with 1,927 homes in backlog, with an estimated sales value of $693.1 million, compared with a backlog of 1,487 homes with an estimated sales value of $477.1 million at March 31, 2012.

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M.D.C. HOLDINGS, INC.

At March 31, 2013, we had 139 active subdivisions, down 6% from December 31, 2012, however, our lots owned and under option increased by 11% since December 31, 2012 to more than 12,700 lots. While we accelerated our land acquisition activity in the latter half of 2012 and into 2013, higher than expected sales rates over the past year resulted in various subdivisions selling out more quickly than anticipated. Additionally, many of the new subdivisions acquired over the past few quarters have recently opened, but did not yet meet our internal definition of an “active community” as of the end of the 2013 first quarter. As a result, at the end of the 2013 first quarter, the number of subdivisions classified as “soon to be active” exceeded the number classified as “soon to be inactive” for the first time in six quarters.

Financial Services

Income before taxes from our financial services operations for the 2013 first quarter was $7.7 million, compared to $4.9 million for the 2012 first quarter. The increase in pretax income primarily reflected a $2.7 million increase in our mortgage operations pretax income to $6.0 million for the 2013 first quarter, compared to $3.3 million in the 2012 first quarter. The improvement in our mortgage profitability was driven primarily by year-over-year increases in the volume of loans locked and originated.

About MDC

Since 1972, MDC’s subsidiary companies have built and financed the American dream for more than 170,000 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 Francisco Bay Area, Washington D.C., Baltimore, Philadelphia, Jacksonville 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 the Company 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

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M.D.C. HOLDINGS, INC.

conditions, including changes in consumer confidence, inflation or deflation and employment levels; (2) changes in business conditions experienced by the Company, 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 the Company’s investments in marketable securities; (5) uncertainty in the mortgage lending industry, including repurchase requirements associated with HomeAmerican’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 the Company 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; (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; and (16) other factors over which the Company has little or no control. Additional information about the risks and uncertainties applicable to the Company’s business is contained in the Company’s Form 10-Q for the quarter ended March 31, 2013, 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. The Company 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
	Vice President of Finance and Corporate Controller
	(720) 977-3431
	bob.martin@mdch.com

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

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M.D.C. HOLDINGS, INC.

Consolidated Statements of Operations and Comprehensive Income

	Three Months Ended March 31,
	2013			2012
	(Dollars in thousands, except per share amounts) (Unaudited)
Homebuilding:
Home sale revenues	$	331,748		$	184,678
Land sale revenues		—			1,590
Total home sale and land revenues		331,748			186,268
Home cost of sales		(274,076	)		(158,654	)
Land cost of sales		—			(1,490	)
Total cost of sales		(274,076	)		(160,144	)
Gross margin		57,672			26,124
Gross margin %		17.4%			14.0%
Selling, general and administrative expenses		(48,201	)		(34,124	)
Interest income		6,182			5,913
Interest expense		(817	)		(808	)
Other income (expense), net		11			158
Homebuilding pretax income (loss)		14,847			(2,737	)
Financial Services:
Revenues		12,506			7,720
Expenses		(5,642	)		(3,665	)
Interest and other income		875			807
Financial services pretax income		7,739			4,862
Income before income taxes		22,586			2,125
Benefit from (provision for) income taxes		(70	)		140
Net income	$	22,516		$	2,265
Other comprehensive income:
Unrealized gain related to available for sales securities		2,535			6,548
Tax effect		—			—
Comprehensive income	$	25,051		$	8,813
Earnings per share:
Basic	$	0.46		$	0.04
Diluted	$	0.45		$	0.04
Weighted average common shares outstanding:
Basic		48,342,145			47,311,840
Diluted		48,922,335			47,382,921
Dividends declared per share	$	—		$	0.25

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M.D.C. HOLDINGS, INC.

Consolidated Balance Sheets

	March 31, 2013		December 31, 2012
	(Dollars in thousands, except per share amounts)
	(Unaudited)
ASSETS
Homebuilding:
Cash and cash equivalents	$	183,236	$	129,535
Marketable securities		626,707		519,465
Restricted cash		2,526		1,859
Trade and other receivables		31,885		28,163
Inventories:
Housing completed or under construction		521,661		512,949
Land and land under development		534,438		489,572
Total inventories		1,056,099		1,002,521
Property and equipment, net		33,056		33,125
Deferred tax asset, net of valuation allowance of $238,795 and $248,306 at March 31, 2013 and December 31, 2012, respectively		—		—
Other assets		52,274		44,777
Total homebuilding assets		1,985,783		1,759,445
Financial Services:
Cash and cash equivalents		32,444		30,560
Marketable securities		33,292		32,473
Mortgage loans held-for-sale, net		86,429		119,953
Other assets		4,386		3,010
Total financial services assets		156,551		185,996
Total Assets	$	2,142,334	$	1,945,441
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	21,712	$	73,055
Accrued liabilities		115,139		118,456
Senior notes, net		995,032		744,842
Total homebuilding liabilities		1,131,883		936,353
Financial Services:
Accounts payable and accrued liabilities		54,540		51,864
Mortgage repurchase facility		41,468		76,327
Total financial services liabilities		96,008		128,191
Total Liabilities		1,227,891		1,064,544
Stockholders’ Equity
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding		—		—
Common stock, $0.01 par value; 250,000,000 shares authorized; 48,869,726 issued and outstanding at March 31, 2013 and 48,698,757 issued and outstanding, respectively, at December 31, 2012		489		487
Additional paid-in-capital		905,354		896,861
Retained earnings		1,227		(21,289	)
Accumulated other comprehensive income (loss)		7,373		4,838
Total Stockholders’ Equity		914,443		880,897
Total Liabilities and Stockholders’ Equity	$	2,142,334	$	1,945,441

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M.D.C. HOLDINGS, INC.

Consolidated Statement of Cash Flows

	Three Months Ended March 31,
	2013			2012
	(Dollars in thousands)
	(Unaudited)
Operating Activities:
Net income	$	22,516		$	2,265
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense		3,376			2,611
Depreciation and amortization		1,078			1,307
Write-offs of land option deposits		226			82
Amortization of discount (premiums) on marketable debt securities		619			(152	)
Net changes in assets and liabilities:
Restricted cash		(667	)		(413	)
Trade and other receivables		(3,970	)		(11,062	)
Mortgage loans held-for-sale		33,524			23,345
Housing completed or under construction		(8,618	)		(45,875	)
Land and land under development		(44,770	)		17,000
Other assets		(6,696	)		3,394
Accounts payable and accrued liabilities		(52,036	)		(11,315	)
Net cash used in operating activities		(55,418	)		(18,813	)
Investing Activities:
Purchase of marketable securities		(150,811	)		(185,610	)
Sale of marketable securities		44,668			182,021
Purchase of property and equipment		(926	)		(364	)
Net cash used in investing activities		(107,069	)		(3,953	)
Financing Activities:
Payments on mortgage repurchase facility		(79,769	)		(53,625	)
Advances on mortgage repurchase facility		44,910			30,763
Dividend payments		—			(11,994	)
Proceeds from issuance of senior notes		247,813			—
Proceeds from exercise of stock options		5,118			—
Net cash provided by (used in) financing activities		218,072			(34,856	)
Net increase (decrease) in cash and cash equivalents		55,585			(57,622	)
Cash and cash equivalents:
Beginning of period		160,095			343,361
End of period	$	215,680		$	285,739

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M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

New Home Deliveries:

	Three Months Ended March 31,
	2013						2012						% Change
	Homes		Dollar Value		Average Price		Homes		Dollar Value		Average Price		Homes			Dollar Value			Average Price
	(Dollars in thousands)
Arizona		140	$	33,161	$	236.9		88	$	17,957	$	204.1		59	%		85	%		16	%
California		146		49,589		339.7		55		17,993		327.1		165	%		176	%		4	%
Nevada		133		32,745		246.2		106		21,596		203.7		25	%		52	%		21	%
Washington		61		19,484		319.4		44		11,996		272.6		39	%		62	%		17	%
West		480		134,979		281.2		293		69,542		237.3		64	%		94	%		18	%
Colorado		304		113,488		373.3		125		44,963		359.7		143	%		152	%		4	%
Utah		67		19,889		296.9		52		14,100		271.2		29	%		41	%		9	%
Mountain		371		133,377		359.5		177		59,063		333.7		110	%		126	%		8	%
Maryland		54		21,704		401.9		44		18,794		427.1		23	%		15	%		-6	%
Virginia		63		29,119		462.2		59		26,155		443.3		7	%		11	%		4	%
Florida		50		12,569		251.4		46		11,124		241.8		9	%		13	%		4	%
East		167		63,392		379.6		149		56,073		376.3		12	%		13	%		1	%
Total		1,018	$	331,748	$	325.9		619	$	184,678	$	298.3		64	%		80	%		9	%

Net New Orders:

	Three Months Ended March 31,
	2013						2012						% Change
	Homes		Dollar Value		Average Price		Homes		Dollar Value		Average Price		Homes			Dollar Value			Average Price
	(Dollars in thousands)
Arizona		127	$	30,293	$	238.5		187	$	38,174	$	204.1		-32	%		-21	%		17	%
California		164		60,401		368.3		121		40,131		331.7		36	%		51	%		11	%
Nevada		170		47,042		276.7		166		33,716		203.1		2	%		40	%		36	%
Washington		93		28,546		306.9		76		22,696		298.6		22	%		26	%		3	%
West		554		166,282		300.1		550		134,717		244.9		1	%		23	%		23	%
Colorado		418		147,589		353.1		235		84,147		358.1		78	%		75	%		-1	%
Utah		65		20,238		311.4		68		18,804		276.5		-4	%		8	%		13	%
Mountain		483		167,827		347.5		303		102,951		339.8		59	%		63	%		2	%
Maryland		90		38,450		427.2		83		34,607		417.0		8	%		11	%		2	%
Virginia		93		48,656		523.2		90		41,358		459.5		3	%		18	%		14	%
Florida		80		19,981		249.8		36		8,134		225.9		122	%		146	%		11	%
Illinois		—		—		—		1		235		235.0		N/M			N/M			N/M
East		263		107,087		407.2		210		84,334		401.6		25	%		27	%		1	%
Total		1,300	$	441,196	$	339.4		1,063	$	322,002	$	302.9		22	%		37	%		12	%

N/M - Not meaningful

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M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

Active Subdivisions:

	March 31,
	2013		2012		% Change
Arizona		16		22		-27	%
California		12		18		-33	%
Nevada		9		20		-55	%
Washington		12		11		9	%
West		49		71		-31	%
Colorado		36		48		-25	%
Utah		9		17		-47	%
Mountain		45		65		-31	%
Maryland		19		18		6	%
Virginia		12		16		-25	%
Florida		14		16		-13	%
East		45		50		-10	%
Total		139		186		-25	%
Average for quarter ended		143		187		-24	%

Backlog:

	March 31,
	2013						2012						% Change
	Homes		Dollar Value		Average Price		Homes		Dollar Value		Average Price		Homes			Dollar Value			Average Price
	(Dollars in thousands)
Arizona		137	$	32,224	$	235.2		227	$	48,990	$	215.8		-40	%		-34	%		9	%
California		247		89,688		363.1		184		61,745		335.6		34	%		45	%		8	%
Nevada		241		64,216		266.5		216		42,517		196.8		12	%		51	%		35	%
Washington		111		36,118		325.4		86		25,900		301.2		29	%		39	%		8	%
West		736		222,246		302.0		713		179,152		251.3		3	%		24	%		20	%
Colorado		584		212,109		363.2		343		127,092		370.5		70	%		67	%		-2	%
Utah		79		25,556		323.5		84		23,705		282.2		-6	%		8	%		15	%
Mountain		663		237,665		358.5		427		150,797		353.2		55	%		58	%		2	%
Maryland		219		95,970		438.2		152		64,121		421.8		44	%		50	%		4	%
Virginia		215		111,823		520.1		134		67,095		500.7		60	%		67	%		4	%
Florida		94		25,350		269.7		60		15,725		262.1		57	%		61	%		3	%
Illinois		—		—		—		1		245		245.0		N/M			N/M			N/M
East		528		233,143		441.6		347		147,186		424.2		52	%		58	%		4	%
Total		1,927	$	693,054	$	359.7		1,487	$	477,135	$	320.9		30	%		45	%		12	%

N/M - Not meaningful

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M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

Homes Completed or Under Construction (WIP lots):

	March 31,
	2013		2012		% Change
Unsold
Completed		222		147		51	%
Under construction		514		380		35	%
Total unsold started homes		736		527		40	%
Sold homes under construction or completed		1,345		872		54	%
Model homes		221		236		-6	%
Total homes completed or under construction		2,302		1,635		41	%

Lots Owned and Optioned (including homes completed or under construction):

	March 31, 2013						March 31, 2012
	Lots Owned		Lots Optioned		Total		Lots Owned		Lots Optioned		Total		Total % Change
Arizona		2,146		40		2,186		872		118		990		121	%
California		997		—		997		1,329		—		1,329		-25	%
Nevada		1,442		39		1,481		1,030		75		1,105		34	%
Washington		493		168		661		439		97		536		23	%
West		5,078		247		5,325		3,670		290		3,960		34	%
Colorado		3,336		1,327		4,663		3,128		363		3,491		34	%
Utah		465		13		478		528		—		528		-9	%
Mountain		3,801		1,340		5,141		3,656		363		4,019		28	%
Maryland		592		297		889		653		400		1,053		-16	%
Virginia		507		287		794		649		156		805		-1	%
Florida		479		113		592		289		255		544		9	%
Illinois		—		—		—		125		—		125		N/M
East		1,578		697		2,275		1,716		811		2,527		-10	%
Total		10,457		2,284		12,741		9,042		1,464		10,506		21	%

N/M - Not meaningful

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