EXHIBIT 99.1
            MERITAGE CORPORATION ANNOUNCES PRICING OF PUBLIC OFFERING

         SCOTTSDALE, ARIZ. AND DALLAS (JUNE 21, 2002) - MERITAGE CORPORATION
(NYSE: MTH) today announced that it has priced a public offering of its common
stock. Meritage is offering 1,750,000 shares of common stock at a price of $42
per share. Deutsche Bank Securities and UBS Warburg are serving as Joint Book
Managers and A.G. Edwards & Sons, Inc. and JMP Securities are serving as
Co-Managers. The underwriters have a 30-day option to purchase up to 262,500
additional shares from Meritage to cover over-allotments, if any. The net
proceeds of the offering to be received by Meritage will be used for general
corporate purposes, which may include the development of new residential
properties, the repayment of debt, land acquisitions and possible acquisitions
of other homebuilders.

         The offering is expected to close on June 26, 2002 and is subject to
customary closing conditions. The shares of common stock will be sold pursuant
to Meritage's Shelf Registration Statement covering the issuance from time to
time of $300,000,000 of various securities of Meritage. A Shelf Registration
Statement relating to the shares was previously declared effective on May 14,
2002 by the Securities and Exchange Commission. The shares may be offered only
by means of a prospectus, including a prospectus supplement. A copy of the
prospectus, including the prospectus supplement, may be obtained from Deutsche
Bank Securities, 1 South Street, Baltimore, MD 21202, (410) 895-2080 or UBS
Warburg, 299 Park Avenue, New York, NY 10171, (212) 821-3000.

         ABOUT MERITAGE CORPORATION

         Meritage Corporation designs, builds and sells distinctive
single-family homes ranging from first-time to semi-custom luxury. We operate in
the Phoenix and Tucson, Arizona markets as Monterey Homes, Hancock Communities
and Meritage Homes, in the Dallas/Ft. Worth, Austin and Houston, Texas markets
as Legacy Homes and in the San Francisco East Bay and Sacramento, California
markets as Meritage Homes. Please visit our web site at: www.meritagehomes.com.

         Certain matters discussed in this press release are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include statements

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concerning future Company actions and their expected results. 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

         With respect to the offering of our common stock, these risks and
uncertainties include: the offering could result in a lowering of our stock
price; our charter and bylaws and ownership structure could prevent a third
party from acquiring us or limit the price investors might be willing to pay for
shares of our common stock; we have broad discretion in how we use the net
proceeds from this offering and ultimately may not use them effectively; and our
stock price is volatile and could decline substantially.

         In addition, our business is subject to a number of risks and
uncertainties including: the strength and competitive pricing environment of the
single-family housing market; changes in the availability and pricing of
residential mortgages; changes in the availability and pricing of real estate in
the markets in which we operate; our high level of indebtedness; demand for and
acceptance of our homes; the success of planned marketing and promotional
campaigns; the success of our program to integrate existing operations with our
planned new operations or those of past or future acquisitions; our ability to
raise additional capital; our success in locating and negotiating favorably with
possible acquisition candidates; recent legislative or other initiatives that
seek to restrain growth in new housing construction or similar measures; the
economic impact of foreign hostilities or military action; general economic slow
downs; and other factors identified in documents filed by us with the Securities
and Exchange Commission, including those set forth in Meritage's Form 10-K
Report for the year ended December 31, 2001 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" and in Exhibit 99.1 of the
Company's Form 10-Q for the quarter ended March 31, 2002. As a result of these
and other factors, the prices of Meritage's securities may fluctuate
dramatically.

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