-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 HDRfJDt6A5pqhvGlVZLyYH/Zs6MP/ljpa37Fs9HhQNuPQ/jgy7LpmJgHRQ5RugxI
 lqikAkKQRH+/eWa39EwUcg==

<SEC-DOCUMENT>0001179110-03-011663.txt : 20031202
<SEC-HEADER>0001179110-03-011663.hdr.sgml : 20031202
<ACCEPTANCE-DATETIME>20031202162836
ACCESSION NUMBER:		0001179110-03-011663
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031128
FILED AS OF DATE:		20031202

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SEAY LARRY WAYNE
		CENTRAL INDEX KEY:			0001187508

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09977
		FILM NUMBER:		031032970

	BUSINESS ADDRESS:	
		STREET 1:		802 W. EL CAMINITO DRIVE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85021

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MERITAGE CORP
		CENTRAL INDEX KEY:			0000833079
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				860611231
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		8501 E. PRINCESS DRIVE
		STREET 2:		STE 290
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85255
		BUSINESS PHONE:		4802222444

	MAIL ADDRESS:	
		STREET 1:		8501 E. PRINCESS DRIVE
		STREET 2:		SUITE 290
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85255

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MONTEREY HOMES CORP
		DATE OF NAME CHANGE:	19970113

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HOMEPLEX MORTGAGE INVESTMENTS CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EMERALD MORTGAGE INVESTMENTS CORP
		DATE OF NAME CHANGE:	19900502
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-11-28</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000833079</issuerCik>
        <issuerName>MERITAGE CORP</issuerName>
        <issuerTradingSymbol>MTH</issuerTradingSymbol>
</issuer>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001187508</rptOwnerCik>
            <rptOwnerName>SEAY LARRY WAYNE</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>8501 E. PRINCESS DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 290</rptOwnerStreet2>
            <rptOwnerCity>SCOTTSDALE</rptOwnerCity>
            <rptOwnerState>AZ</rptOwnerState>
            <rptOwnerZipCode>85255</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>1</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle>Vice President - Finance &amp; CFO</officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>MTH Common Stock</value>
</securityTitle>
<transactionDate><value>2003-11-28</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>1000</value>
</transactionShares>
<transactionPricePerShare><value>5.75</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>9108</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeTransaction>
<nonDerivativeTransaction><securityTitle><value>MTH Common Stock</value>
</securityTitle>
<transactionDate><value>2003-11-28</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>1000</value>
</transactionShares>
<transactionPricePerShare><value>5.75</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>10108</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeTransaction>
<nonDerivativeTransaction><securityTitle><value>MTH Common Stock</value>
</securityTitle>
<transactionDate><value>2003-11-28</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>4000</value>
</transactionShares>
<transactionPricePerShare><value>7.125</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>14108</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeTransaction>
</nonDerivativeTable>
<derivativeTable><derivativeTransaction><securityTitle><value>MTH Common Stock</value>
</securityTitle>
<conversionOrExercisePrice><value>5.75</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-11-28</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>1000</value>
</transactionShares>
<transactionPricePerShare><value>5.75</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2001-12-04</value>
</exerciseDate>
<expirationDate><value>2007-12-03</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>MTH Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>1000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>106000</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
<derivativeTransaction><securityTitle><value>MTH Common Stock</value>
</securityTitle>
<conversionOrExercisePrice><value>5.75</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-11-28</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>1000</value>
</transactionShares>
<transactionPricePerShare><value>5.75</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2002-12-04</value>
</exerciseDate>
<expirationDate><value>2007-12-03</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>MTH Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>1000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>105000</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
<derivativeTransaction><securityTitle><value>MTH Common Stock</value>
</securityTitle>
<conversionOrExercisePrice><value>7.125</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-11-28</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>4000</value>
</transactionShares>
<transactionPricePerShare><value>7.125</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2002-01-31</value>
</exerciseDate>
<expirationDate><value>2006-01-12</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>MTH Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>4000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>101000</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
</derivativeTable>
<footnotes></footnotes>
<ownerSignature><signatureName>/s/ Larry W. Seay</signatureName>
<signatureDate>2003-12-02</signatureDate>
</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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