<SUBMISSION>
<ACCESSION-NUMBER>0001179110-09-001267
<TYPE>5
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20081231
<FILING-DATE>20090120
<DATE-OF-FILING-DATE-CHANGE>20090120
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>HILTON STEVEN J
<CIK>0001030513
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>5
<ACT>34
<FILE-NUMBER>001-09977
<FILM-NUMBER>09534162
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>6613 NORTH SCOTTSDALE RD
<CITY>SCOTTSDALE
<STATE>AZ
<ZIP>85250
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>6613 N SCOTTSDALE RD
<CITY>SCOTTSDALE
<STATE>AZ
<ZIP>85250
</MAIL-ADDRESS>
</REPORTING-OWNER>
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>Meritage Homes CORP
<CIK>0000833079
<ASSIGNED-SIC>1531
<IRS-NUMBER>860611231
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>17851 NORTH 85TH STREET
<STREET2>SUITE 300
<CITY>SCOTTSDALE
<STATE>AZ
<ZIP>85255
<PHONE>480-515-8100
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>17851 NORTH 85TH STREET
<STREET2>SUITE 300
<CITY>SCOTTSDALE
<STATE>AZ
<ZIP>85255
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>MERITAGE CORP
<DATE-CHANGED>19981009
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>MONTEREY HOMES CORP
<DATE-CHANGED>19970113
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>HOMEPLEX MORTGAGE INVESTMENTS CORP
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</ISSUER>
<DOCUMENT>
<TYPE>5
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 5 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>5</documentType>

    <periodOfReport>2008-12-31</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <form3HoldingsReported>0</form3HoldingsReported>

    <form4TransactionsReported>1</form4TransactionsReported>

    <issuer>
        <issuerCik>0000833079</issuerCik>
        <issuerName>Meritage Homes CORP</issuerName>
        <issuerTradingSymbol>MTH</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001030513</rptOwnerCik>
            <rptOwnerName>HILTON STEVEN J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>17851 NORTH 85TH STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 300</rptOwnerStreet2>
            <rptOwnerCity>SCOTTSDALE</rptOwnerCity>
            <rptOwnerState>AZ</rptOwnerState>
            <rptOwnerZipCode>85255</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>CEO</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>MTH COMMON STOCK</value>
            </securityTitle>
            <transactionDate>
                <value>2007-08-29</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value>L</value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>150</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>16.48</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1849204</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>SEE FOOTNOTES</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Shares acquired and held by family members.</footnote>
        <footnote id="F2">The reporting person originally reported on a Form 4 filed on August 30, 2007 the acquisition of 1,500 shares at a price of $16.48.  The reporting person subsequently determined that the number of shares acquired was 1,650 at a price of $16.48.  The difference resulted from the inadvertent omission of 150 shares from the original Form 4.  The 150 shares were also omitted from six Forms 4 filed by the reporting person after his original Form 4 was filed.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Steven J. Hilton</signatureName>
        <signatureDate>2009-01-19</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
