U.S. home prices rose 13.2 percent year-over-year in January compared with last year, according to the Case-Shiller Home Price Index. The 20-City Composite Index posted its third consecutive monthly decline, with prices dropping 0.1 percent compared with December 2013.

Twelve cities of the 20 cities tracked by the index declined in January, with Chicago decreasing 1.2 percent. Las Vegas posted the biggest increase, with prices rising 1.1 percent compared with December, its 22nd consecutive monthly gain. Despite recent advances, Las Vegas is still the farthest from its high, set in August 2006, with a peak-to-current decline of 45 percent. Dallas and Denver are now less than 1 percent away from their recent all-time index highs.

Boston came near the bottom of the pack, ranking 16th among the 20 cities tracked by index with a price decline of 0.5 percent in January compared with December. Year-over-year, Boston prices were up 9.1 percent, also 16th among the 20 cities.

"The housing recovery may have taken a breather due to the cold weather," David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a statement. "Twelve cities reported declining prices in January versus December; eight of those were worse than the month before. From the bottom in 2012, prices are up 23 percent and the housing market is showing signs of moving forward with more normal price increases."

"Expectations and recent data point to continued home price gains for 2014. Although most analysts do not expect the same rapid increases we saw last year, the consensus is for moderating gains. Existing home sales declined slightly in February and are at their lowest level since July 2012."

As of January 2014, average home prices across the U.S. are back to their mid-2004 levels. Measured from their June/July 2006 peaks, the peak-to-current decline for both the 10- and 20-City Composite Indices is approximately 20 percent.

The recovery from the March 2012 lows is 23 percent for the 10-City and 20-City Composites.

Las Vegas and San Francisco remain the only two cities posting annual gains of more than 20 percent. San Diego showed the most improvement with a year-over-year return of 19.4 percent in January from 18 percent in December. Phoenix saw its annual rate decelerate the most; the city’s return peaked last January when it led all 20 cities by a wide margin.

Only seven cities – Las Vegas, Miami, New York, San Diego, San Francisco, Tampa and Washington – showed positive monthly returns in January. Chicago and Seattle declined the most and posted their fourth consecutive drop in average home prices. Although Cleveland continued its decline, it showed the most improvement with 1.5 percent drop in December to changing to a 0.3 percent decline in January.