UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Gillilan III, William J
2728 N. Harwood
Dallas, TX 75201
USA
2. Issuer Name and Ticker or Trading Symbol
Centex Corporation
CTX
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
05/31/97
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
President and Chief Operating Officer
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock, par value $0.|5/15/9|M(1)| |5,000 |A |$8.50 | | | |
25 per share |7 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock, par value $0.|5/15/9|S(1)| |5,000 |D |$39.50 | | | |
25 per share |7 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock, par value $0.|5/15/9|M(1)| |5,000 |A |$8.50 | | | |
25 per share |7 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock, par value $0.|5/15/9|S(1)| |5,000 |D |$39.75 | | | |
25 per share |7 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock, par value $0.|5/20/9|M(1)| |3,192 |A |$8.50 | | | |
25 per share |7 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock, par value $0.|5/20/9|S(1)| |2,192 |D |$40.00 | | | |
25 per share |7 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock, par value $0.|5/20/9|M(1)| |1,808 |A |$17.125 | | | |
25 per share |7 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock, par value $0.|5/20/9|S(1)| |1,808 |D |$40.00 | | | |
25 per share |7 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock, par value $0.|5/23/9|M(1)| |5,000 |A |$17.125 | | | |
25 per share |7 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock, par value $0.|5/23/9|S(1)| |5,000 |D |$41.00 | | | |
25 per share |7 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock, par value $0.|5/27/9|M(1)| |5,000 |A |$17.125 | | | |
25 per share |7 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock, par value $0.|5/27/9|S(1)| |5,000 |D |$40.75 |52 |D | |
25 per share |7 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
<CAPTION>
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Option Right to Buy |$8.50 |5/15/|M(1)| |5,000 |D |____(|11/12|Common Stock|5,000 | | | | |
| |97 | | | | |2) |/97 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option Right to Buy |$8.50 |5/15/|M(1)| |5,000 |D |____(|11/12|Common Stock|5,000 | | | | |
| |97 | | | | |2) |/97 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option Right to Buy |$8.50 |5/20/|M(1)| |3,192 |D |____(|11/12|Common Stock|3,192 | |13,060(5) |D | |
| |97 | | | | |2) |/97 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option Right to Buy |$17.125 |5/20/|M(1)| |1,808 |D |____(|4/1/2|Common Stock|1,808 | | | | |
| |97 | | | | |3) |001 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option Right to Buy |$17.125 |5/23/|M(1)| |5,000 |D |____(|4/1/2|Common Stock|5,000 | | | | |
| |97 | | | | |3) |001 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option Right to Buy |$17.125 |5/27/|M(1)| |5,000 |D |____(|4/1/2|Common Stock|5,000 | |58,192 |D | |
| |97 | | | | |3) |001 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option Right to Buy |$35.125 |4/1/9|A |V|59,250 |A |____(|4/1/2|Common Stock|59,250 | |59,250(6) |D | |
| |7 | | | | |4) |007 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
(1) This exercise and/or sale was made pursuant to and in reliance upon the
exemption contained in Rule 16b-3.
(2) Shares vest as a result of achievement of performance levels. Options
expire on November 12, 1997, the 10th
anniversary of the grant. Unvested options automatically vest on July 12,
1997.
(3) Shares vest based on achievement of certain levels of net earnings as a
percentage of stockholders' equity.
Options expire on April 1, 2001, the 10th anniversary of the
grant.
(4) Shares vest over four years with 20% vesting on April 1, 1997, the date of
the grant, and the remaining shares
vesting at 20% a year over the next four years on the anniversary of the grant.
Options expire on April 1, 2007,
the 10th anniversary of the
grant.
(5) Of such shares, none are
exercisable.
(6) Of such shares, 47,400 are not currently
exercisable.
SIGNATURE OF REPORTING PERSON
\s\ William J Gillilan III
DATE
June 5, 1997
