Exhibit 99.1

FOR IMMEDIATE RELEASE

Meritage Homes Reports Fourth Quarter 2011 Gains in Orders,

Closings, Revenue, Backlog and Home Closing Margins

SCOTTSDALE, Ariz., Jan. 31, 2012 – Meritage Homes Corporation (NYSE: MTH), a leading U.S. homebuilder, today announced fourth quarter and full year results for the period ended December 31, 2011, posting increases over the prior year’s fourth quarter sales, closings, backlog, revenue and home closing margins.

Summary Operating Results (unaudited)

(Dollars in thousands, except per share amounts)

ADDITIONAL FOURTH QUARTER 2011 SELECTED RESULTS:

ADDITIONAL FULL YEAR 2011 SELECTED RESULTS:

MANAGEMENT COMMENTS

“We finished 2011 on a positive note by posting gains across many of our key operating metrics for the fourth quarter, including closings, revenue, sales, backlog, home closing gross margins and our total number of active communities,” said Steven J. Hilton, chairman and chief executive officer of Meritage Homes. “This was our third consecutive quarter of year-over-year increases in sales. It was also our second year to achieve an increase in fourth quarter sales, after being the only public homebuilder to report sales gains in the fourth quarter of 2010. Our fourth quarter orders were up 15% in 2010, while other builders were down an average of 19%, which made for a more difficult year-over-year comparison. It was also encouraging that December was our strongest month of the quarter, and our comparisons to 2010 got progressively better throughout the quarter.

“Although we reported a net loss for the quarter due to asset impairments, primarily related to our winding down of operations in Las Vegas, we increased our home closing gross profit and margins, both before and after impairments,” said Mr. Hilton. “We are continuing to focus on top line growth as well as margin improvement, while controlling our overhead expenses, to drive greater profitability and improved returns for our shareholders.”

SALES

Fourth quarter 2011 net order value increased 18% as a result of 5% more homes sold and a 13% increase in average selling prices. Total fourth quarter orders increased over 2010 due to a 2% increase in average active community count and a 4% increase in average sales per community to 4.9 in 2011 compared to 4.7 in 2010.

The increase in active communities included Meritage’s first three communities opened in Raleigh during the fourth quarter of 2011, which contributed 24 sales in the quarter.

Florida, California and Arizona posted the largest increases in 2011 fourth quarter sales over 2010, due to increases in both the number of communities open for sale and higher sales per community in Florida and California.

Full year orders increased 1% and combined with a 6% increase in average selling price to drive a 6% increase in total order value for 2011 over 2010. The gains were in Florida, Colorado and California, in addition to the new North Carolina market in 2011.

The total value of orders in backlog at year-end 2011 increased by 23% over the prior year.

FOURTH QUARTER RESULTS

Fourth quarter 2011 home closing revenue increased 14% over 2010 due to 7% increases in both closing volume and average prices. The average closing price increased to $275,000 in the fourth quarter of 2011, from $256,000 in 2010. Higher average prices in 2011 primarily reflected a shift in geographic mix, with a greater portion of closings in California, Arizona, Colorado and Florida, where home prices are generally higher, and a smaller portion in Texas, where home prices are generally lower.

Home closing gross margins improved to 16.0% in 2011 from 15.8% in 2010, including impairments; or to 18.8% from 18.1%, respectively, excluding impairments.

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Home closing gross profit increased 16% to $39.4 million in the fourth quarter of 2011 from $34.0 million in the prior year, due to greater closing revenue and expanded margins on closings. Home closing cost of sales included $6.7 million of impairments in the fourth quarter of 2011, of which $3.3 million related to Las Vegas communities in which Meritage intends to continue to build homes. Land closing gross loss included another $5.9 million of impairments related to vacant lots in Las Vegas that the company plans to sell. Fourth quarter 2010 home closing gross profit included $4.9 million of impairments, by comparison.

Meritage reported a net loss of $11.8 million or $0.36 per diluted share in the fourth quarter of 2011, compared to a net loss of $0.9 million or $0.03 per diluted share in the fourth quarter of 2010. The loss in 2011 included $13.9 million of impairments, primarily due to $9.2 million total charges related to the wind down of operations in Las Vegas, as well as a $0.8 million loss from the sale of the only two golf courses the company owned, both in Arizona active adult communities. The 2010 net loss of $0.9 million included $5.1 million of impairments, partially offset by a $4.5 million net tax benefit. Excluding those items, Meritage generated pre-tax income of $2.3 million compared to a pre-tax loss of $311,000 in the prior year.

FULL YEAR OPERATING RESULTS

2011 annual home closing revenue decreased $79.5 million, or 8%, from 2010, due to 12% fewer homes closed, partially offset by a 4% increase in average closing prices, at $263,000 in 2011 compared to $254,000 in 2010. The increase in average closing prices reflected a greater percentage of closings in move-up communities and a mix shift from Texas markets to higher-priced Colorado and Florida markets.

Home closing gross margins were 17.1% in 2011 and 17.8% in 2010, including $8.9 million and $6.4 million of impairments, respectively; or 18.2% in 2011 and 18.5% in 2010, excluding impairments. In addition to larger impairments in 2011, lower margins were reflective of relatively weaker market conditions earlier in 2011, as compared to 2010 when the home buyer tax credit was in place during the first half of the year. Home closing gross profit of $147.4 million was 12% lower than 2010 gross profit of $167.5 million.

Meritage reported a net loss of $21.1 million or $0.65 per share for 2011, which included $16.2 million of asset impairments, compared to net income of $7.2 million or $0.22 per diluted share in 2010, which included $6.7 million in real estate-related impairment charges and a $3.5 million loss on extinguishment of debt, partially offset by a $4.7 million net tax benefit.

BALANCE SHEET

Meritage maintained its strong balance sheet, ending the year with $333.2 million of cash, no near-term maturities and a net debt to capital ratio of 35.8% at December 31, 2011, compared to 27.9% at December 31, 2010. The $79.5 million decrease in total cash and securities during 2011 was primarily converted into real estate inventory, which increased $76.5 million during 2011, including a $32.4 million increase in lot inventory and a $27.5 million increase in homes under construction or completed.

The company spent a total of $192.9 million on lot purchases and an additional $53.7 million on land development during 2011. Meritage acquired control of approximately 5,500 new lots in 94 communities during 2011, most of which replaced lots that were used in homebuilding operations during the year.

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At December 31, 2011, Meritage controlled 16,722 lots representing approximately 5.1 years supply, based on trailing twelve months closings, compared to a total of 15,224 lots or 4.1 years lot supply at December 31, 2010. Meritage owned approximately 83% of its total lots under control at year-end 2011, consistent with 85% in 2010.

SUMMARY

Considering that 2011 turned out to be another tough year for the overall economy and homebuilding, we are pleased to have completed the year with positive trends in most of our operating metrics, while posting only a modest loss for the year before impairments. I’m also pleased with the progress we made on our strategic initiatives during the year, including our expansion into the promising Raleigh market, and our decision to wind down operations in the struggling Las Vegas market. While that decision was difficult, we believe it was the right one, considering the prolonged economic issues facing that market. We continued to lead the industry by incorporating advanced building technologies into the design of our homes, delivering better value to our home buyers through greater energy efficiency and comfort. And we made strategic investments in marketing and operations that I am confident will pay dividends for years to come.

“As we begin 2012, we are focused on prudently growing our community count, home closings and related revenue, increasing our margins and keeping overhead costs in check. Considering that we’re entering the year with a larger backlog than we had last year, and have recently added new divisions in Raleigh and Tampa, I am confident we can grow our sales, revenue and earnings in 2012,” said Mr. Hilton.

CONFERENCE CALL

Management will host a conference call to discuss their results at 10:00 a.m. Eastern Time (7:00 a.m. Pacific Time) today. The call will be webcast by Business-to-Investor, Inc. (B2i), with an accompanying slideshow on the “Investor Relations” page of the Company’s web site at http://investors.meritagehomes.com. For telephone participants, the dial-in number is 877-317-6789 and the conference number is 10008536. Participants are encouraged to dial in five minutes before the call begins. A replay of the call will be available for fifteen days, beginning at 12:00 p.m. ET on January 31, 2012 on the website noted above, or by dialing 877-344-7529, and referencing conference number 10008536. For more information, visit meritagehomes.com.

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Meritage Homes Corporation and Subsidiaries

Operating Results

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Meritage Homes Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

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Supplemental Information and Non-GAAP Financial Disclosures (In thousands – unaudited):

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Meritage Homes Corporation and Subsidiaries

Condensed Consolidated Statement of Cash Flows

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Meritage Homes Corporation and Subsidiaries

Operating Data

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Meritage Homes Corporation and Subsidiaries

Operating Data

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Meritage Homes Corporation and Subsidiaries

Operating Data

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