The S&P/Case-Shiller home price index increased 5.7% year-on-year in January, missing expectations for a 5.9% rise, after a 5.7% gain in December.

Portland, Seattle, and San Francisco were the largest contributors to the rise, where prices climbed by 11.8%, 10.7% and 10.5%, respectively.

"Home prices continue to climb at more than twice the rate of inflation. The low inventory of homes for sale - currently about a five month supply - means that would-be sellers seeking to trade-up are having a hard time finding a new, larger home," managing director 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 January.

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