Home prices in January increased 5.4 percent annually, according to the S&P/Case-Shiller Home Price Indices.

The nationwide 20- and 10-City Composites in January increased 5.7 percent and 5.1 percent year-over-year in January, respectively.

Portland, Seattle and San Francisco scored the highest year-over-year gains in January among the 20 cities.

Portland reported an 11.8 percent increase, followed by Seattle with a 10.7 percent increase and San Francisco with a 10.5 percent increase.

Month-to-month, the National Index rose 0.5 percent in January. The 20- and 10-City Composites increased 0.7 percent and 0.8 percent, respectively.

“Home prices continue to climb at more than twice the rate of inflation,” said David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, in the report. “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.”