Exhibit 99.1

                           MERITAGE [LOGO] CORPORATION
                   LISTED ON THE NEW YORK STOCK EXCHANGE - MTH
- --------------------------------------------------------------------------------

                                  PRESS RELEASE
              A DYNAMIC GROWTH COMPANY IN THE HOME BUILDING SECTOR


                                                                   
Contacts: ARIZONA:                       TEXAS:                          NEW YORK:
          Larry Seay                     Jane Hays                       Chris Tofalli
          CFO & Vice President-Finance   Vice President-Corp. Develop.   Broadgate Consultants
          (480) 609-3330                 (972) 612-8085                  (212) 232-2222


                   MERITAGE ANNOUNCES RECORD 1ST QUARTER 2003

                        NEW ORDERS, CLOSINGS AND BACKLOG

          *    1,582 NEW HOMES ORDERED IN Q1 - UP 36% FROM 2002
          *    1,136 HOMES CLOSED IN Q1 - UP 50% FROM 2002
          *    2,516 HOMES IN BACKLOG AT MARCH 31, 2003 - UP 26% FROM 2002

     DALLAS AND  SCOTTSDALE,  ARIZONA  (APRIL 9,  2003) -  MERITAGE  CORPORATION
(NYSE:  MTH) today announced  record levels of new orders,  closings and backlog
for the first quarter of 2003.

                            SUMMARY OPERATING RESULTS

                                As of and for the Quarter Ended March 31
                                              (unaudited)
                         -------------------------------------------------------
                                 $ Millions                     Homes
                         --------------------------   --------------------------
                          2003     2002    % Change    2003     2002    % Change
                         ------   ------   --------   ------   ------   --------
Homes ordered            $412.8   $293.1        41%    1,582    1,160        36%
Homes closed             $283.3   $169.7        67%    1,136      758        50%
Order backlog            $667.2   $498.3        34%    2,516    2,004        26%

     John Landon,  Meritage  Co-Chairman and Chief  Executive  Officer said, "We
completed  the quarter with the  Company's  all-time  highest  backlog and first
quarter  records for homes closed and sales  contracts  written.  This year also
marks the first  time in our  history we closed  over  1,000  homes in the first
quarter of the year. We believe these results provide a solid  foundation for us
to reach our goal of $1.3 to $1.4  billion  in home  sales  revenue  in the year
2003."

     "The dollar value of orders increased 41% in the quarter overall,  and even
excluding the recent Hammonds and Perma-Bilt  acquisitions,  orders in 2003 rose
9% in dollars on a steady  number of home orders.  We are very pleased with this
performance,  particularly in light of the current economic  uncertainty and the
conflict in Iraq", continued Landon.

                                    - more -

MERITAGE REPORTS RECORD 1ST QUARTER / 2

     Meritage received 1,582 new home orders in the three months ended March 31,
2003,  a 36% increase  from the 1,160 orders  received in the same period a year
ago. The dollar value of new homes  ordered for the three months ended March 31,
2003 was $412.8  million,  an increase of 41% compared to $293.1  million in the
same quarter of last year.

     Meritage  closed 1,136 homes in the first  quarter of 2003,  an increase of
50% over the 758 closings  recorded in the same quarter in 2002.  First  quarter
2003 home sales revenue was $283.3 million,  67% greater than the $169.7 million
recorded in the year-ago quarter.

     Backlog of 2,516  homes at March 31,  2003 was up 26% from the 2,004  homes
reported  at March 31 of last  year.  The dollar  value of  backlog  rose 34% to
$667.2 million from $498.3 million a year ago.

     The number of  communities  open for sales at March 31, 2003 was 125,  down
three from  December  31, 2002,  but up from 77 at March 31, 2002.  The increase
above  March 31, 2002  primarily  reflects  the  addition  of the  Hammonds  and
Perma-Bilt communities,  which were actively selling in 38 and five communities,
respectively, at quarter-end.

     Steve Hilton,  Co-Chairman and Chief Executive  Officer said, "Order growth
for the quarter was led by the Houston Division,  where the number of new orders
increased 76% over the same period in 2002,  before  including  results from our
Hammonds  operation.  Home  orders  in  Dallas/Ft.  Worth  and  Austin  were  up
significantly  as a result  of the  Hammonds  acquisition.  Even  excluding  the
contribution  from Hammonds,  orders in Dallas/Ft.  Worth increased 4% while the
number of homes ordered in Austin  decreased 7%, resulting in a 14% net increase
in organic  Texas orders for the first  quarter of 2003.  Orders in Arizona have
nearly  returned  to  year-earlier  levels  as new  communities  in our  Hancock
Division have opened,  replacing those that sold out earlier than anticipated in
the third and fourth  quarters of last year.  These  orders have  increased  the
number of homes in backlog at  quarter-end  in Arizona by 42% over  December 31,
2002.  We  anticipate  that as we move through  2003,  our Arizona  results will
continue to improve in  comparison  to the same  periods in 2002.  The number of
homes ordered in Northern  California during the first quarter was down 22% from
the same quarter  last year,  reflecting a 31% decrease in the number of selling
communities  from  thirteen in last year's first  quarter to nine in the current
quarter.  We  anticipate  opening  a net of eight new  communities  for sales in
Northern  California  over the next three quarters and we believe that our sales
rates there should increase correspondingly."

     "Expansion in new markets  remains an important part of our growth strategy
and we are pleased to report that we began sales  activity in San Antonio during
March 2003 and expect the formal opening of our first community there later this
spring.  We are happy with the  initial  sales  activity in that  community  and
anticipate  opening two  additional  communities  there later in the year," said
John Landon.

     "We continue to see a high level of  prospective  home buyers  visiting our
model  homes  in all of  our  markets.  We are  working  through  the  temporary
community  timing  issues  that  impeded  our sales  momentum  to some extent in

                                    - more -

MERITAGE REPORTS RECORD 1ST QUARTER / 3

Phoenix and Northern California,  and anticipate 2003 will be another great year
for Meritage," said Hilton.

ABOUT MERITAGE CORPORATION

     Meritage  Corporation designs,  builds and sells distinctive  single-family
homes ranging from entry-level to semi-custom luxury and has built approximately
22,000 homes in its 18 year  history.  The Company was recently  included in THE
BLOOMBERG 100 "HOT STOCK",  compiled by BLOOMBERG  PERSONAL  FINANCE MAGAZINE in
their  February 2003 issue.  In addition,  the Company has been ranked by FORBES
magazine as #4 of its "200 Best Small  Companies in  America",  and has appeared
twice on FORTUNE'S list of the "Fastest Growing Companies in America."  Meritage
operates in the Phoenix and Tucson,  Arizona  markets under the Monterey  Homes,
Hancock  Communities  and Meritage Homes brand names,  in the Dallas/Ft.  Worth,
Austin,  Houston and San Antonio,  Texas markets as Legacy Homes, Hammonds Homes
and Monterey Homes, and in the East San Francisco Bay and Sacramento, California
markets  as  Meritage  Homes.  In  addition,  effective  with our  October  2002
acquisition of Perma-Bilt Homes, Meritage is now active in the Las Vegas, Nevada
market. The Meritage web site is located at: www.meritagehomes.com.

                      MERITAGE CORPORATION AND SUBSIDIARIES
                                 OPERATING DATA
                                ($ IN THOUSANDS)

                                             AS OF AND FOR THE
                                          QUARTER ENDED MARCH 31
                                 -----------------------------------------
                                        2003                  2002
                                 -------------------   -------------------
                                  HOMES        $        HOMES        $
                                 --------   --------   --------   --------
HOMES ORDERED:
     Texas *                          791    161,054        472     85,984
     Arizona                          447    123,651        456    116,603
     California                       180     89,774        232     90,495
     Nevada **                        164     38,302        n/a        n/a
                                 --------   --------   --------   --------
     Total                          1,582    412,781      1,160    293,082
                                 ========   ========   ========   ========

HOMES CLOSED:
     Texas *                          606    121,422        363     62,042
     Arizona                          250     67,124        285     64,726
     California                       158     67,303        110     42,963
     Nevada **                        122     27,480        n/a        n/a
                                 --------   --------   --------   --------
     Total                          1,136    283,329        758    169,731
                                 ========   ========   ========   ========

                                    - more -

MERITAGE REPORTS RECORD 1ST QUARTER / 4

                                             AS OF AND FOR THE
                                          QUARTER ENDED MARCH 31
                                 -----------------------------------------
                                        2003                  2002
                                 -------------------   -------------------
                                  HOMES        $        HOMES        $
                                 --------   --------   --------   --------
     ORDER BACKLOG:
          Texas                     1,270    258,531        802    139,593
          Arizona                     663    200,683        947    257,863
          California                  355    159,399        255    100,846
          Nevada **                   228     48,605        n/a        n/a
                                 --------   --------   --------   --------
          Total                     2,516    667,218      2,004    498,302
                                 ========   ========   ========   ========

*    2003 amounts  include 251 ($54,748)  homes  ordered,  220  ($46,849)  homes
     closed and 417 ($90,019) homes in backlog from Hammonds Homes.
**   Amounts are for Perma-Bilt Homes, acquired effective October 1, 2002.

                                   ----------

     THIS PRESS RELEASE CONTAINS  FORWARD-LOOKING  STATEMENTS WITHIN THE MEANING
OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. SUCH STATEMENTS INCLUDE
STATEMENTS  CONCERNING OUR EXPECTATION OF POSITIVE OPERATING RESULTS IN 2003 AND
BEYOND,  OUR ANTICIPATED  SALES AND OPERATING RESULTS IN ARIZONA AND CALIFORNIA,
THE  NUMBER  OF  COMMUNITIES  WE PLAN TO OPEN  IN  NORTHERN  CALIFORNIA  AND SAN
ANTONIO,  AND OUR  ABILITY  TO  REACH  OUR  SALES  REVENUE  GOAL IN  2003.  SUCH
STATEMENTS ARE BASED UPON THE CURRENT BELIEFS AND EXPECTATIONS OF OUR MANAGEMENT
AND ARE  SUBJECT TO  SIGNIFICANT  RISKS AND  UNCERTAINTIES.  ACTUAL  RESULTS MAY
DIFFER FROM THOSE SET FORTH IN THE FORWARD-LOOKING STATEMENTS.

     MERITAGE'S  BUSINESS  IS  SUBJECT  TO A NUMBER OF RISKS  AND  UNCERTAINTIES
INCLUDING:  THE STRENGTH AND COMPETITIVE  PRICING OF THE  SINGLE-FAMILY  HOUSING
MARKET;  DEMAND FOR AN ACCEPTANCE OF OUR HOMES;  CHANGES IN THE AVAILABILITY AND
PRICING  OF REAL  ESTATE IN THE  MARKETS  IN WHICH WE  OPERATE;  OUR  ABILITY TO
CONTINUE TO ACQUIRE  ADDITIONAL  LAND OR OPTIONS TO ACQUIRE  ADDITIONAL  LAND ON
ACCEPTABLE TERMS; GENERAL ECONOMIC SLOW DOWNS; CONSUMER CONFIDENCE, WHICH CAN BE
IMPACTED  BY  ECONOMIC  AND OTHER  FACTORS  SUCH AS  TERRORISM,  WAR, OR THREATS
THEREOF AND CHANGES IN STOCK MARKETS; THE IMPACT OF CONSTRUCTION DEFECT AND HOME
WARRANTY  CLAIMS;  THE  COST  AND  AVAILABILITY  OF  INSURANCE,   INCLUDING  THE
AVAILABILITY  OF INSURANCE FOR THE PRESENCE OF MOLD;  INTEREST RATES AND CHANGES
IN THE AVAILABILITY AND PRICING OF RESIDENTIAL MORTGAGES; OUR LACK OF GEOGRAPHIC
DIVERSIFICATION;  OUR LEVEL OF INDEBTEDNESS  AND OUR ABILITY TO RAISE ADDITIONAL
CAPITAL  WHEN AND IF NEEDED;  OUR  ABILITY TO TAKE  CERTAIN  ACTIONS  BECAUSE OF
RESTRICTIONS  CONTAINED IN THE  INDENTURE FOR OUR SENIOR NOTES AND THE AGREEMENT
FOR OUR SENIOR UNSECURED CREDIT FACILITY;  LEGISLATIVE OR OTHER INITIATIVES THAT
SEEK TO RESTRAIN  GROWTH IN NEW HOUSING  CONSTRUCTION OR SIMILAR  MEASURES;  THE
SUCCESS OF OUR PROGRAM TO  INTEGRATE  EXISTING  OPERATIONS  WITH OUR PLANNED NEW
OPERATIONS OR THOSE OF PAST OR FUTURE ACQUISITIONS;  OUR SUCCESS IN LOCATING AND
NEGOTIATING  FAVORABLY  WITH  POSSIBLE  ACQUISITION  CANDIDATES;  OUR ABILITY TO
EXPAND PRE-TAX MARGINS;  OUR DEPENDENCE ON KEY PERSONNEL AND THE AVAILABILITY OF
SATISFACTORY SUBCONTRACTORS;  THE IMPACT OF INFLATION; OUR POTENTIAL EXPOSURE TO
NATURAL  DISASTERS;  NEW ACCOUNTING  POLICIES OR PRINCIPLES OR  GOVERNMENTAL  OR
STOCK  EXCHANGE  REGULATIONS  THAT COULD  AFFECT  OUR  CORPORATE  GOVERNANCE  OR
ACCOUNTING  METHODS;  AND OTHER FACTORS IDENTIFIED IN DOCUMENTS FILED BY US WITH
THE SECURITIES AND EXCHANGE  COMMISSION,  INCLUDING  THOSE SET FORTH IN OUR FORM
10-K REPORT FOR THE YEAR ENDED DECEMBER 31, 2002 UNDER THE CAPTIONS  "MARKET FOR
THE REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER MATTERS - FACTORS THAT MAY
AFFECT FUTURE STOCK  PERFORMANCE" AND  "MANAGEMENT'S  DISCUSSION AND ANALYSIS OF
FINANCIAL  CONDITION  AND RESULTS OF  OPERATIONS  - FACTORS  THAT MAY AFFECT OUR
FUTURE RESULTS AND FINANCIAL CONDITION". AS A RESULT OF THESE AND OTHER FACTORS,
THE COMPANY'S STOCK AND NOTE PRICES MAY FLUCTUATE DRAMATICALLY.

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