The S&P/Case-Shiller home price index increased 4.9% in April, missing expectations for a 5.5% rise, after a 4.9% gain in March.

San Francisco and Denver were the largest contributors to the rise, where prices climbed by 10.0% and 10.3%, respectively.

"Home prices continue to rise across the country, but the pace is not accelerating," chairman of the index committee at S&P Dow Jones Indices David Blitzer said.

On a monthly basis, the S&P/Case-Shiller home price index climbed by a seasonally adjusted 0.3% in April, after a 1.0% rise in March.

The S&P/Case-Shiller home price index measures single-family home prices in 20 U.S. cities.