The S&P/Case-Shiller home price index increased 5.7% year-on-year in December, missing expectations for a 5.8% rise, after a 5.7% gain in November. November's figure was revised down from a 5.8% increase.

Portland, San Francisco and Denver were the largest contributors to the rise, where prices climbed by 11.4%, 10.3% and 10.2%, respectively.

"While home prices continue to rise, the pace is slowing a bit," 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 was flat in December.

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