-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 JUS+bWbtchFkWsyZ5ryvZggOJmSRqP+bbqrKCFnyPsjJQCR4ZstuABEOXOirmj9j
 peqqbfODZTyYEECgg6lieQ==

<SEC-DOCUMENT>0001193962-03-000004.txt : 20031126
<SEC-HEADER>0001193962-03-000004.hdr.sgml : 20031126
<ACCEPTANCE-DATETIME>20031126123047
ACCESSION NUMBER:		0001193962-03-000004
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031125
FILED AS OF DATE:		20031126

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:			BUCHWALD HERBERT T
		CENTRAL INDEX KEY:			0001193962

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08951
		FILM NUMBER:		031025462

	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>htb112503f4_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-11-25</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000773141</issuerCik>
        <issuerName>MDC HOLDINGS INC</issuerName>
        <issuerTradingSymbol>MDC</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001193962</rptOwnerCik>
            <rptOwnerName>BUCHWALD HERBERT T</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>3600 S YOSEMITE ST STE 900</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DENVER</rptOwnerCity>
            <rptOwnerState>CO</rptOwnerState>
            <rptOwnerZipCode>80237</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock $.01 Par Value</value>
      </securityTitle>
      <transactionDate>
         <value>2003-11-25</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>10000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>21.95</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>10000</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock $.01 Par Value</value>
      </securityTitle>
      <transactionDate>
         <value>2003-11-25</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>J</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>10000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>.00</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>10000</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
            <footnoteId id="F1"/>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>Shareholder of S-Corporation</value>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock $.01 Par Value</value>
      </securityTitle>
      <transactionDate>
         <value>2003-11-25</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>10000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>69.07</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>0</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
            <footnoteId id="F2"/>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>Shareholder of S-Corporation</value>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeHolding>
      <securityTitle>
         <value>Common Stock $.01 Par Value</value>
      </securityTitle>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>12168</value>
            <footnoteId id="F3"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>Member of LLC</value>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
 </nonDerivativeTable>
 <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
         <value>Non-Statutory Stock Option</value>
            <footnoteId id="F4"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>21.95</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-11-25</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>10000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>.00</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
         <value>2001-10-02</value>
      </exerciseDate>
      <expirationDate>
         <value>2011-10-01</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Common Stock $.01 Par Value</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>30250</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>20250</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeTransaction>
 </derivativeTable>
   <footnotes>
      <footnote id="F1"> Shares transferred to an S-Corporation in which the reporting person is the sole shareholder.</footnote>

      <footnote id="F2"> Shares owned by an S-Corporation in which the reporting person is the sole shareholder.</footnote>

      <footnote id="F3"> Shares owned by a limited liability company in which the Reporting Person is a managing member.</footnote>

      <footnote id="F4"> Represents a stock option under the Company's Stock Option Plan for Non-Emploee Directors which meets all of the requirements under Rule 16b-3.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>Joseph H. Fretz, Attorney-in-Fact</signatureName>
      <signatureDate>2003-11-26</signatureDate>
   </ownerSignature>
</ownershipDocument>

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