EXHIBIT 99

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

FOR IMMEDIATE RELEASE	CONTACT:	Cathey Lowe, Senior Vice President, Finance
		Investor Relations     (818) 223-7530
		Melissa Bailey, Vice President, Communications
		Media Relations        (818) 223-7590

RYLAND REPORTS 41 PERCENT INCREASE IN THIRD-QUARTER EPS,
INCREASES EARNINGS GUIDANCE FOR 2003

CALABASAS, Calif. (Oct. 21, 2003) — The Ryland Group, Inc. (NYSE: RYL) today announced record results for its third quarter ended September 30, 2003, including the highest third-quarter consolidated net earnings, revenues, new orders, closings, backlog and earnings per share in its history. Highlights include:

• Diluted earnings of $2.40 per share for the quarter ended September 30, 2003, representing an increase of 41.2 percent over the same period in the prior year. Excluding the one-time debt-restructuring charge of $5.1 million, diluted earnings per share increased 48.2 percent

• Revenues of $872.2 million for the quarter ended September 30, 2003, reflecting an increase of 19.0 percent over the quarter ended September 30, 2002

• Gross profit margins from home sales of 22.5 percent for the quarter ended September 30, 2003, compared to 20.9 percent for the quarter ended September 30, 2002

• Record third-quarter new orders of 3,748, signifying a 5.3 percent increase over the new orders for the quarter ended September 30, 2002

• Record backlog at September 30, 2003 totaling $1,823.0 million, the highest quarter-end backlog in the Company’s history and a 25.5 percent increase over the backlog at September 30, 2002

• A decrease in average diluted common shares outstanding by approximately 1.5 million for the quarter ended September 30, 2003 versus the third quarter of 2002

• A net debt-to-capital ratio of 30.9 percent at September 30, 2003, compared to 37.4 percent at September 30, 2002.

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RYLAND THIRD-QUARTER RESULTS

     “Ryland’s consistent focus on steady margin improvement and bottom-line growth are continuing to pay off in record earnings,” said R. Chad Dreier, chairman, president and CEO, The Ryland Group, Inc. “We believe our strategy of organically growing our markets is the ideal manner in which to increase financial performance and shareholder value, and our growth in earnings ensures our ability to continue our stock repurchase program while investing in the ongoing growth of the Company.”

RECORD RESULTS HIGHLIGHT THIRD QUARTER

     The Company’s consolidated net earnings for the third quarter of 2003 were $63.3 million, or $2.40 per diluted share, compared to consolidated net earnings of $47.4 million, or $1.70 per diluted share, for the third quarter of 2002.

     The Company finished the third quarter of 2003 in a strong financial position. Its cash and cash equivalents totaled $196.5 million, and there were no borrowings outstanding against its revolving credit facility. In July 2003, the Company redeemed $100.0 million of its 8.25 percent senior subordinated notes with the proceeds from the issuance of the 5.38 percent senior notes in June 2003.

     The homebuilding segment reported its highest third-quarter pretax earnings in the Company’s history at $100.8 million. This represents a 29.7 percent rise over the $77.7 million reported for the third quarter of 2002. The increase over the prior year was primarily attributable to a higher closing volume, higher average closing prices of homes sold and increased margins on homes closed.

     Homebuilding revenues rose $136.3 million to $850.2 million for the third quarter of 2003, compared to the same period in the prior year. This was the result of a 7.2 percent increase in the average closing price of homes from $209,000 for the quarter ended September 30, 2002, to $224,000 for the quarter ended September 30, 2003, as well as an 11.1 percent increase in the number of closings (3,735 homes closed in the third quarter of 2003 versus 3,362 homes closed in the same quarter of 2002). Homebuilding revenues for the third quarter of 2003 included $14.5 million from land sales, compared to $9.8 million for the third quarter of 2002, which contributed net gains of $1.1 million and $3.0 million to pretax earnings in 2003 and 2002, respectively.

     New orders of 3,748 for the third quarter of 2003 represented a 5.3 percent increase, compared to new orders of 3,558 for the third quarter of 2002. The Company operated in 325 active communities at September 30, 2003, compared to 301 active communities at September 30, 2002. The Company’s backlog at the end of the third quarter of 2003 increased to 7,709 outstanding contracts from 6,687 outstanding contracts at September 30, 2002, a rise of 15.3 percent. The dollar value of the Company’s backlog at September 30, 2003, was $1,823.0 million, or an increase of 25.5 percent over that of September 30, 2002.

     “Our backlog breaks all of our previous records, which puts us in an excellent position to sustain our growth in performance for 2004,” said Dreier.

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RYLAND THIRD-QUARTER RESULTS

     Gross profit margins from home sales averaged 22.5 percent in the third quarter of 2003, compared to 20.9 percent in the third quarter of 2002. Selling, general and administrative expenses, as a percentage of revenue, were 9.5 percent in the third quarter of 2003 versus 9.8 percent in the corresponding period in 2002. Compared to the third quarter of the previous year, interest expense increased $4.7 million to $6.8 million in the third quarter of 2003. The change was primarily attributable to a $5.1 million pretax loss on the early extinguishment of debt, which is characterized as interest expense, due to the redemption of the $100.0 million 8.25 percent senior subordinated notes due 2008, at a stated call price of 104.125 percent of the principal amount.

     The pretax homebuilding margin was 11.9 percent in the third quarter of 2003, compared to 10.9 percent in the third quarter of 2002.

     Corporate expenses were $14.7 million for the third quarter of 2003, compared to $11.1 million for the same period in the prior year. The rise in corporate expenses was primarily attributable to increased incentive compensation due to the improvement of the Company’s financial results.

     The Company’s financial services segment reported pretax earnings of $15.2 million for the third quarter of 2003, compared to $12.5 million for the same period last year, due to a 22.4 percent increase in origination volume and a 22.6 percent rise in loan sales volume. The number of mortgage originations rose by 15.4 percent during the third quarter of 2003 primarily due to the Company’s growth in home closings as well as an increase in the capture rate of these closings. The capture rate of mortgages originated for homebuilding customers rose to 85.3 percent from 83.3 percent in the third quarter of 2002.

NEW RECORDS ESTABLISHED FOR THE FIRST NINE MONTHS OF 2003

     Consolidated net earnings for the nine months ended September 30, 2003, increased 31.7 percent to $155.5 million, or $5.85 per diluted share, from $118.1 million, or $4.18 per diluted share, for the nine months ended September 30, 2002.

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RYLAND THIRD-QUARTER RESULTS

     The Company’s homebuilding segment reported record-breaking pretax earnings of $250.6 million for the nine months ended September 30, 2003, compared to $192.9 million for the same period in the prior year. Homebuilding revenues rose $409.3 million to $2,307.5 million for the nine months ended September 30, 2003, compared to $1,898.2 million for the comparable period in the previous year. Homebuilding revenues for the nine months ended September 30, 2003, included revenues of $22.5 million from land sales, compared to $24.1 million for the nine months ended September 30, 2002, contributing net gains of $2.1 million and $5.5 million to pretax earnings, respectively. Housing gross profit margins rose to 21.7 percent for the nine months ended September 30, 2003, versus 20.9 percent for the same period in 2002. The Company closed 10,324 homes for the nine months ended September 30, 2003, an increase of 14.1 percent, compared with 9,048 homes closed for the nine months ended September 30, 2002. New orders were 12,665 for the nine months ended September 30, 2003, representing an increase of 13.5 percent, compared with 11,158 for the nine months ended September 30, 2002.

     The financial services segment, which includes Ryland Mortgage Company and its title, escrow and insurance services, reported pretax earnings of $45.3 million for the nine months ended September 30, 2003, representing an increase of $13.2 million, or 41.1 percent, compared with pretax earnings of $32.1 million for the same period last year.

STOCK REPURCHASE PROGRAM

     The Company repurchased 475,000 shares of its common stock during the third quarter of 2003 and 1.5 million shares year-to-date. The Company currently has Board authorization to purchase an additional 1.5 million shares.

NEW EARNINGS GUIDANCE

     Given its results for the nine months ended September 30, 2003, the Company anticipates that earnings for the fiscal year ending December 31, 2003, will exceed $8.35 per share.

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RYLAND THIRD-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 27 markets across the country, has built more than 210,000 homes and financed over 185,000 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 September 30,				Nine months ended September 30,
					2003		2002		2003		2002
REVENUES
		Homebuilding			$	850,176	$	713,923	$	2,307,511	$	1,898,167
		Financial services				22,008		18,812		64,380		49,304
				TOTAL REVENUES		872,184		732,735		2,371,891		1,947,471
EXPENSES
		Homebuilding
			Cost of sales			661,468		563,896		1,808,473		1,501,920
			Selling, general and administrative			81,086		70,247		238,276		197,975
			Interest			6,794		2,123		10,195		5,400
				Total homebuilding expenses		749,348		636,266		2,056,944		1,705,295
		Financial services
			General and administrative			6,381		5,724		17,872		15,169
			Interest			426		627		1,230		2,016
				Total financial services expenses		6,807		6,351		19,102		17,185
		Corporate expenses				14,722		11,108		40,847		28,197
				TOTAL EXPENSES		770,877		653,725		2,116,893		1,750,677
	Earnings before taxes					101,307		79,010		254,998		196,794
	Tax expense					37,973		31,604		99,449		78,718
NET EARNINGS					$	63,334	$	47,406	$	155,549	$	118,076
NET EARNINGS PER COMMON SHARE
				Basic	$	2.56	$	1.80	$	6.23	$	4.42
				Diluted	$	2.40	$	1.70	$	5.85	$	4.18
AVERAGE COMMON SHARES OUTSTANDING
				Basic		24,768,351		26,310,515		24,962,634		26,721,346
				Diluted		26,361,568		27,876,907		26,570,939		28,271,079

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

					September 30,		December 31,
					2003		2002
					(unaudited)
ASSETS
	Homebuilding
		Cash and cash equivalents			$	194,397	$	266,577
		Housing inventories
				Homes under construction		847,335		575,794
				Land under development and improved lots		515,671		524,218
				Consolidated inventory not owned		36,315		—
				Total inventories		1,399,321		1,100,012
		Property, plant and equipment				41,979		40,479
		Purchase price in excess of net assets acquired				18,185		18,185
		Other				58,951		58,252
						1,712,833		1,483,505
	Financial Services
		Cash and cash equivalents				2,080		2,868
		Mortgage-backed securities and notes receivable				30,249		42,583
		Other				41,435		38,163
						73,764		83,614
	Other Assets
		Net deferred taxes				36,929		36,830
		Other				68,561		53,802
		TOTAL ASSETS				1,892,087		1,657,751
LIABILITIES
	Homebuilding
		Accounts payable and other liabilities				359,696		300,168
		Long-term debt				540,500		490,500
						900,196		790,668
	Financial Services
		Accounts payable and other liabilities				19,449		23,718
		Short-term notes payable				30,535		43,145
						49,984		66,863
	Other Liabilities					133,566		120,141
		TOTAL LIABILITIES				1,083,746		977,672
MINORITY INTEREST						34,160		—
STOCKHOLDERS’ EQUITY
		Common stock, $1.00 par value:
			Authorized - 80,000,000 shares
			Issued - 24,527,359 shares (25,260,343 for 2002)			24,527		25,260
		Retained earnings				748,408		653,461
		Accumulated other comprehensive income				1,246		1,358
		TOTAL STOCKHOLDERS’ EQUITY				774,181		680,079
		TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY			$	1,892,087	$	1,657,751
Stockholders’ equity per common share					$	31.56	$	26.92

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

			Three months ended September 30,						Nine months ended September 30,
			2003			2002			2003			2002
Earnings before taxes
		Homebuilding	$	100,828		$	77,657		$	250,567		$	192,872
		Financial services		15,201			12,461			45,278			32,119
		Corporate		(14,722	)		(11,108	)		(40,847	)		(28,197	)
	Total		$	101,307		$	79,010		$	254,998		$	196,794

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

				North		Texas		Southeast		West		Total
For the three months ended September 30,
	New Orders (units)
			2003		1,100		770		1,124		754		3,748
			2002		1,002		826		1,020		710		3,558
	Closings (units)
			2003		1,117		843		1,074		701		3,735
			2002		1,017		904		875		566		3,362
	Average Closing Price (in thousands)
			2003	$	254	$	158	$	209	$	277	$	224
			2002	$	233	$	153	$	192	$	286	$	209
For the nine months ended September 30,
	New Orders (units)
			2003		3,563		2,797		3,770		2,535		12,665
			2002		3,194		2,685		3,217		2,062		11,158
	Closings (units)
			2003		3,239		2,306		2,840		1,939		10,324
			2002		2,910		2,286		2,503		1,349		9,048
	Average Closing Price (in thousands)
			2003	$	253	$	158	$	206	$	266	$	221
			2002	$	228	$	153	$	193	$	279	$	207
	Outstanding Contracts at September 30,
		Units
			2003		2,070		1,450		2,721		1,468		7,709
			2002		1,921		1,470		2,183		1,113		6,687
		Dollars (in millions)
			2003	$	575	$	239	$	594	$	415	$	1,823
			2002	$	467	$	235	$	444	$	306	$	1,452
		Average Price (in thousands)
			2003	$	278	$	165	$	218	$	283	$	236
			2002	$	243	$	160	$	204	$	275	$	217

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

					Three months ended September 30,						Nine months ended September 30,
					2003			2002			2003			2002
RESULTS OF OPERATIONS
	Revenues
		Net gains on sales of mortgages and mortgage servicing rights			$	13,074		$	11,576		$	40,032		$	30,418
		Title/escrow/insurance				4,766			3,445			12,816			9,205
		Net origination fees				2,828			2,032			7,298			4,106
		Interest
			Mortgage-backed securities and notes receivable			1,031			1,458			3,438			4,835
			Other			297			205			779			639
				Total interest		1,328			1,663			4,217			5,474
		Other				12			96			17			101
			Total revenues			22,008			18,812			64,380			49,304
	Expenses
		General and administrative				6,381			5,724			17,872			15,169
		Interest				426			627			1,230			2,016
			Total expenses			6,807			6,351			19,102			17,185
	Pretax earnings				$	15,201		$	12,461		$	45,278		$	32,119
OPERATIONAL DATA
	Retail operations:
		Originations (units)				3,058			2,650			8,542			7,043
		Ryland Homes closings as a percentage of total closings				98.6	%		98.4	%		98.5	%		97.9	%
		Ryland Homes origination capture rate				85.3	%		83.3	%		86.2	%		81.7	%
	Investment operations:
		Mortgage-backed securities and notes receivable average balance			$	31,272		$	47,492		$	35,012		$	52,370