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
   Decker, Richard C.
   2728 N. Harwood
   Dallas, TX  75201
   USA
2. Issuer Name and Ticker or Trading Symbol
   Centex Development Company, L.P.
   trades in tandem with Centex Corporation - CTX
3. IRS or Social Security Number of Reporting Person (Voluntary)
   
4. Statement for Month/Year
   7/31/98
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 &  Director of 3333 Development Co., General Partner of Centex 
Development Company, L.P.
   
7. Individual or Joint/Group Filing (Check Applicable Line)
   (X) Form filed by One Reporting Person
   ( ) Form filed by More than One Reporting Person


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 Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned                                                 |
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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)|                           |
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 Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned                                                   |
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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)|            |
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Option Right to Buy   |$38.6875|4/1/9|A   |V|0.1511     |A  |_____|4/1/2|Warrants to |0.1511 |       |0.1511(2)   |D  |            |
                      |        |8    |    | |           |   |(1)  |008  |Purchase Uni|       |       |            |   |            |
                      |        |     |    | |           |   |     |     |ts          |       |       |            |   |            |
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                      |        |     |    | |           |   |     |     |            |       |       |            |   |            |
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Explanation of Responses:
(1) Exercisable:  1,800 shares of Centex Common Stock (.0272 Warrants to 
Purchase Class B Units) each on April 
1, 1998, 1999, 2000, 2001 and 
2002.
(2) Pursuant to a Nominee Agreement dated November 30, 1987, each person who is 
the beneficial owner of 
shares of Centex Corporation ("Centex") Common Stock is also the beneficial 
owner of an undivided interest in 
900 warrants (the "Warrants") to purchase Class B units of limited partnership 
interest in Centex Development 
Company, L.P. ("CDC") at an exercise price of $500 per Class B unit, which 
Warrants are held of record by 
Chemical Bank as successor nominee. Each benefical owner's proportionate 
interest in the Warrants is equal to 
the number of shares of Centex Common Stock he owns divided by the total number 
of shares of Centex Common 
Stock outstanding from time to time. The exercise price for the Warrants will 
be determined at the time they become 
exercisable based on the number of Warrants that are then exercisable, the 
manner in which the Warrants are 
subdivided is at the discretion of the general partner of CDC and the humber of 
shares of Centex Common Stock 
outstanding at that time. The Warrants will be exercisable for a 90-day period 
commencing on a date to be 
extended by a vote of the Centex stockholders. Until the Nominee Agreement is 
terminated with respect to the 
Warrants and certificates evidencing the Warrants are issued in the name of the 
beneficial owners thereof, the 
Reporting Person has no right to obtain a certificate evidencing his beneficial 
interest in the Warrants or to dispose 
of the Warrants separate from Centex Common Stock. Computations set forth in 
this Form have been made using 
59,555,506 shares of Centex Common Stock outstanding as reported in Centex 
Corporation's Form 10-K for fiscal 
quarter ending March 31, 
1998.
SIGNATURE OF REPORTING PERSON
/s/ Richard C. Decker
DATE
August 7, 1998