EXHIBIT 99.1

	The Ryland Group, Inc.
News Release	www.ryland.com

FOR IMMEDIATE RELEASE	CONTACT:	Cathey Lowe, Senior Vice President, Finance
		Investor Relations	(818) 223-7530
		Pam Krebs, Manager, Communications
		Media Relations	(818) 223-7591

RYLAND REPORTS 30.1 PERCENT INCREASE IN SECOND-QUARTER EPS,
INCREASES EARNINGS GUIDANCE FOR 2003

CALABASAS, Calif. (July 22, 2003) — The Ryland Group, Inc. (NYSE: RYL) today announced record results for its second quarter ended June 30, 2003, including the highest second-quarter consolidated net earnings, revenues, new orders, closings, backlog and earnings per share in its history. Highlights include:

• Diluted earnings of $2.03 per share for the quarter ended June 30, 2003, representing an increase of 30.1 percent over the same period in the prior year

• Revenues of $840.0 million for the quarter ended June 30, 2003, reflecting an increase of 24.4 percent over the quarter ended June 30, 2002

• Gross profit margins from home sales of 21.8 percent for the quarter ended June 30, 2003, compared to 21.7 percent for the quarter ended June 30, 2002

• Record quarterly new orders of 4,657 for the three months ended June 30, 2003, representing an increase of 21.2 percent over the quarter ended June 30, 2002

• Record backlog at June 30, 2003 totaling $1,752.0 million, signifying the highest quarter-end backlog in the Company’s history and a 26.0 percent increase over the backlog at June 30, 2002

• A decrease in average diluted common shares outstanding of approximately 2.0 million for the quarter ended June 30, 2003 versus the second quarter of 2002

• A net long-term-debt-to-capital ratio of 30.8 percent at June 30, 2003, compared to 34.0 percent at June 30, 2002.

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RYLAND SECOND-QUARTER RESULTS

     “These record results were achieved through internal growth in existing and new markets executed by the strongest management team in the industry who are focused on selectively acquiring the homesites in strategic locations to sustain this growth,” said R. Chad Dreier, chairman, president and CEO, The Ryland Group, Inc. “Through our management team we are focused on the characteristics of the local markets in which we operate and how best to maximize our success in selling to the entry-level and move-up homebuyers in these markets.”

RECORD RESULTS HIGHLIGHT SECOND QUARTER

     The Company’s consolidated net earnings for the second quarter of 2003 were $54.0 million, or $2.03 per diluted share, compared to consolidated net earnings of $44.7 million, or $1.56 per diluted share, for the second quarter of 2002.

     The Company finished the second quarter of 2003 in a strong financial position. Its cash and cash equivalents totaled $315.5 million, and there were no borrowings outstanding against its revolving credit facility. In June 2003, the Company issued $150.0 million of 5.38 percent senior notes, the proceeds of which were used for general corporate purposes and to redeem $100.0 million of its 8.25 percent senior subordinated notes on July 11, 2003. Additionally, the Company increased its revolving credit facility by $100.0 million to $400.0 million in July 2003.

     The homebuilding segment reported its highest second-quarter pretax earnings in the Company’s history at $86.9 million. This represents a 20.9 percent rise over the $71.9 million reported for the second quarter of 2002. The increase over the prior year was primarily attributable to a higher closing volume and higher average closing prices of homes sold.

     Homebuilding revenues rose $157.9 million to $816.2 million for the second quarter of 2003, compared to the same period in the prior year. This was the result of a 9.3 percent increase in the average closing price of homes from $204,000 for the quarter ended June 30, 2002, to $223,000 for the quarter ended June 30, 2003, as well as a 14.3 percent increase in the number of closings (3,639 homes closed in the second quarter of 2003 versus 3,185 homes closed in the same quarter of 2002). Homebuilding revenues for the second quarter of 2003 included $6.0 million from land sales, compared to $9.8 million for the second quarter of 2002, which contributed net gains of $0.5 million and $1.5 million to pretax earnings in 2003 and 2002, respectively.

     New orders of 4,657 for the second quarter of 2003 represented a 21.2 percent increase, compared to new orders of 3,843 for the second quarter of 2002. The Company operated in 330 active communities at June 30, 2003, compared to 295 active communities at June 30, 2002. The Company’s backlog at the end of the second quarter of 2003 increased to 7,696 outstanding contracts from 6,491 outstanding contracts at June 30, 2002, a rise of 18.6 percent. The dollar value of the Company’s backlog at June 30, 2003, was $1,752.0 million, or an increase of 26.0 percent over that of June 30, 2002.

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RYLAND SECOND-QUARTER RESULTS

     “Ryland’s second quarter has, once again, been one for the record books, with our highest ever quarter-end backlog leaving us well positioned for continued success in the second half of 2003,” said Dreier. “We continue to improve the financial strength of the Company while organically growing our markets and selectively adding to our land inventory for future growth. We believe that Ryland’s strategy will provide a better value for our customers and a stronger company for our shareholders.”

     Gross profit margins from home sales averaged 21.8 percent in the second quarter of 2003, compared to 21.7 percent in the second quarter of 2002. Selling, general and administrative expenses, as a percentage of revenue, were 10.8 percent in the second quarter of 2003 versus 10.5 percent in the corresponding period in 2002. Selling, general and administrative expenses rose primarily as a result of increased incentive compensation for operations personnel, which was related to heightened earnings, and increasing insurance and litigation costs. Compared to the second quarter of the previous year, interest expense increased $0.9 million to $2.2 million in the second quarter of 2003. This was primarily attributable to the issuance of $150.0 million of 5.38 percent senior notes in June 2003 prior to the redemption of the 8.25 percent senior subordinated notes. The pretax homebuilding margin was 10.6 percent in the second quarter of 2003, compared to 10.9 percent in the second quarter of 2002.

     Corporate expenses were $14.5 million for the second quarter of 2003, compared to $8.3 million for the same period in the prior year. The rise in corporate expenses was primarily attributable to increased incentive compensation, which was due to the improvement of the Company’s financial results.

     The Company’s financial services segment reported pretax earnings of $17.7 million for the second quarter of 2003, compared to $11.3 million for the same period last year, due to a 35.6 percent increase in origination volume, a 34.0 percent rise in loan sales volume and higher profitability as a result of the recent interest rate environment. The number of mortgage originations rose by 24.2 percent during the second quarter of 2003 primarily due to the Company’s growth in the number of homebuilder closings, as well as to an increase in capture rate of these closings. The capture rate of mortgages originated for customers of the homebuilding segment rose to 87.8 percent from 81.7 percent in the second quarter of 2002.

     “Ryland Mortgage continues its contribution to the Company’s profitability while serving as an invaluable resource to our customers and our homebuilding operations,” said Dreier. “Over 85 percent of our homebuyers are choosing to finance their homes through Ryland Mortgage, which demonstrates the success of our mortgage business and the level of service it provides, together with our related title, escrow and insurance services, to our customers.”

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RYLAND SECOND-QUARTER RESULTS

NEW RECORDS ESTABLISHED FOR THE FIRST HALF OF 2003

     Consolidated net earnings for the six months ended June 30, 2003, increased 30.4 percent to $92.2 million, or $3.46 per diluted share, from $70.7 million, or $2.48 per diluted share, for the six months ended June 30, 2002.

     The Company’s homebuilding segment reported its highest first-half pretax earnings of $149.7 million for the six months ended June 30, 2003, compared to $115.2 million for the same period in the prior year. Homebuilding revenues rose $273.1 million to $1,457.3 million for the six months ended June 30, 2003, compared to $1,184.2 million for the comparable period in the previous year. Homebuilding revenues for the six months ended June 30, 2003, included revenues of $8.0 million from land sales, compared to $14.3 million for the six months ended June 30, 2002, contributing net gains of $1.0 million and $2.5 million to pretax earnings, respectively. Housing gross profit margins rose to 21.3 percent for the six months ended June 30, 2003, versus 20.8 percent for the same period in 2002. The Company closed 6,589 homes for the six months ended June 30, 2003, an increase of 15.9 percent, compared with 5,686 homes closed for the six months ended June 30, 2002. New orders were 8,917 for the six months ended June 30, 2003, compared with 7,600 for the six months ended June 30, 2002.

     The financial services segment, which includes Ryland Mortgage Company and its title, escrow and insurance services, reported pretax earnings of $30.1 million for the six months ended June 30, 2003, representing an increase of $10.4 million, or 52.8 percent, compared with pretax earnings of $19.7 million for the same period last year.

STOCK REPURCHASE PROGRAM

     The Company repurchased 495,500 shares of its common stock during the second quarter of 2003 and 1.0 million shares year-to-date. The Company currently has Board authorization to purchase an additional 1.9 million shares.

NEW EARNINGS GUIDANCE

     Given its results for the second quarter of 2003, the Company anticipates that earnings for the fiscal year ending December 31, 2003, will exceed $8.00 per share.

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RYLAND SECOND-QUARTER RESULTS

     With headquarters in Southern California, Ryland is one of the nation’s largest homebuilders and a leading mortgage-finance company. The Company, which currently operates in 26 markets across the country, has built more than 210,000 homes and financed over 180,000 mortgages since its founding in 1967.

Note: Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on various factors and assumptions that include such risks and uncertainties as the completion and profitability of sales reported; the market for homes generally and in areas where the Company operates; the availability and cost of land; changes in economic conditions and interest rates; an increase in raw materials and labor costs; consumer confidence; government regulation; and general economic, business and competitive factors, all or each of which may cause actual results to differ from the statements made in this press release.

# # #
Five financial-statement pages follow.

CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)
The Ryland Group, Inc. and subsidiaries
(in thousands, except share data)

				Three months ended June 30,				Six months ended June 30,
				2003		2002		2003		2002
REVENUES
	Homebuilding			$	816,168	$	658,304	$	1,457,335	$	1,184,244
	Financial services				23,863		17,072		42,372		30,492
		TOTAL REVENUES			840,031		675,376		1,499,707		1,214,736
EXPENSES
	Homebuilding
		Cost of sales			639,170		516,188		1,147,005		938,024
		Selling, general and administrative			87,885		68,973		157,190		127,728
		Interest			2,236		1,262		3,401		3,277
			Total homebuilding expenses		729,291		586,423		1,307,596		1,069,029
	Financial services
		General and administrative			5,876		5,097		11,491		9,445
		Interest			320		669		804		1,389
			Total financial services expenses		6,196		5,766		12,295		10,834
	Corporate expenses				14,472		8,319		26,125		17,089
		TOTAL EXPENSES			749,959		600,508		1,346,016		1,096,952
Earnings before taxes					90,072		74,868		153,691		117,784
Tax expense					36,028		30,162		61,476		47,114
NET EARNINGS				$	54,044	$	44,706	$	92,215	$	70,670
NET EARNINGS PER COMMON SHARE
			Basic	$	2.17	$	1.65	$	3.68	$	2.63
			Diluted	$	2.03	$	1.56	$	3.46	$	2.48
AVERAGE COMMON SHARES OUTSTANDING
			Basic		24,961,543		27,103,278		25,058,679		26,925,588
			Diluted		26,599,952		28,643,968		26,635,256		28,477,835

CONSOLIDATED BALANCE SHEETS
The Ryland Group, Inc. and subsidiaries
(in thousands, except share data)

				June 30,		December 31,
				2003		2002
				(unaudited)
ASSETS
	Homebuilding
		Cash and cash equivalents		$	312,144	$	266,577
		Housing inventories
			Homes under construction		731,470		575,794
			Land under development and improved lots		508,766		524,218
			Consolidated inventory not owned		7,439		—
			Total inventories		1,247,675		1,100,012
		Property, plant and equipment			42,174		40,479
		Purchase price in excess of net assets acquired			18,185		18,185
		Other			58,288		58,252
					1,678,466		1,483,505
	Financial Services
		Cash and cash equivalents			3,363		2,868
		Mortgage-backed securities and notes receivable			34,335		42,583
		Other			38,994		38,163
					76,692		83,614
	Other Assets
		Net deferred taxes			39,284		36,830
		Other			71,816		53,802
		TOTAL ASSETS			1,866,258		1,657,751
LIABILITIES
	Homebuilding
		Accounts payable and other liabilities			312,821		300,168
		Long-term debt			640,500		490,500
		Liabilities associated with consolidated inventory not owned			2,062		—
					955,383		790,668
	Financial Services
		Accounts payable and other liabilities			22,095		23,718
		Short-term notes payable			34,242		43,145
					56,337		66,863
	Other Liabilities				110,995		120,141
		TOTAL LIABILITIES			1,122,715		977,672
MINORITY INTEREST					4,072		—
STOCKHOLDERS’ EQUITY
		Common stock, $1.00 par value:
			Authorized - 80,000,000 shares
			Issued - 24,876,787 shares (25,260,343 for 2002)		24,877		25,260
		Retained earnings			713,092		653,461
		Accumulated other comprehensive income			1,502		1,358
		TOTAL STOCKHOLDERS’ EQUITY			739,471		680,079
		TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	1,866,258	$	1,657,751
Stockholders’ equity per common share				$	29.73	$	26.92

SEGMENT INFORMATION (unaudited)
The Ryland Group, Inc. and subsidiaries
(in thousands)

		Three months ended June 30,						Six months ended June 30,
		2003			2002			2003			2002
Earnings before taxes
	Homebuilding	$	86,877		$	71,881		$	149,739		$	115,215
	Financial services		17,667			11,306			30,077			19,658
	Corporate		(14,472	)		(8,319	)		(26,125	)		(17,089	)
	Total	$	90,072		$	74,868		$	153,691		$	117,784

HOMEBUILDING OPERATIONAL DATA (unaudited)
The Ryland Group, Inc. and subsidiaries

				North		Texas		Southeast		West		Total
For the three months ended June 30,
	New Orders (units)
			2003		1,282		1,016		1,396		963		4,657
			2002		1,026		938		1,139		740		3,843
	Closings (units)
			2003		1,161		834		956		688		3,639
			2002		1,026		794		912		453		3,185
	Average Closing Price (in thousands)
			2003	$	256	$	157	$	205	$	269	$	223
			2002	$	223	$	153	$	193	$	268	$	204
For the six months ended June 30,
	New Orders (units)
			2003		2,463		2,027		2,646		1,781		8,917
			2002		2,192		1,859		2,197		1,352		7,600
	Closings (units)
			2003		2,122		1,463		1,766		1,238		6,589
			2002		1,893		1,382		1,628		783		5,686
	Average Closing Price (in thousands)
			2003	$	253	$	158	$	203	$	260	$	220
			2002	$	226	$	154	$	194	$	274	$	206
	Outstanding Contracts at June 30,
		Units
			2003		2,087		1,523		2,671		1,415		7,696
			2002		1,936		1,548		2,038		969		6,491
		Dollars (in millions)
			2003	$	543	$	247	$	569	$	393	$	1,752
			2002	$	458	$	242	$	410	$	281	$	1,391
		Average Price (in thousands)
			2003	$	260	$	162	$	213	$	278	$	228
			2002	$	236	$	157	$	201	$	290	$	214

FINANCIAL SERVICES SUPPLEMENTAL INFORMATION (unaudited)
The Ryland Group, Inc. and subsidiaries
(in thousands)

				Three months ended June 30,						Six months ended June 30,
RESULTS OF OPERATIONS				2003			2002			2003			2002
	Revenues
	Net gains on sales of mortgages and mortgage servicing rights			$	15,405		$	10,188		$	26,958		$	18,842
	Title/escrow/insurance				4,413			3,161			8,050			5,760
	Net origination fees				2,715			1,896			4,470			2,074
	Interest
		Mortgage-backed securities and notes receivable			1,144			1,619			2,407			3,377
		Other			238			207			482			434
			Total interest		1,382			1,826			2,889			3,811
	Other				(52	)		1			5			5
			Total revenues		23,863			17,072			42,372			30,492
	Expenses
		General and administrative			5,876			5,097			11,491			9,445
		Interest			320			669			804			1,389
			Total expenses		6,196			5,766			12,295			10,834
	Pretax earnings			$	17,667		$	11,306		$	30,077		$	19,658
OPERATIONAL DATA
	Retail operations:
		Originations (units)			3,061			2,464			5,484			4,393
		Ryland Homes closings as a percentage of total closings			98.7	%		98.3	%		98.5	%		97.7	%
		Ryland Homes origination capture rate			87.8	%		81.7	%		86.7	%		80.8	%
	Investment operations:
		Mortgage-backed securities and notes receivable average balance		$	35,036		$	52,560		$	36,882		$	54,809