A limited number of properties for sale against a backdrop of steady demand helped keep home prices elevated in January, according to S&P CoreLogic Case-Shiller data released Tuesday.

Highlights of Home Prices (January)
20-city home-price index increased 6.4% y/y (est. 6.2%), after rising 6.3% y/y National gauge of home prices rose 6.2% y/y Seasonally adjusted 20-city index advanced 0.8% m/m (est. 0.6%).
Home prices continue to post solid gains across the country, with the largest advances occurring in the West. While demand is being spurred by robust job growth, inventory remains lean and is allowing sellers to raise asking prices. The number of previously owned houses on the market during the month was the lowest for any January in National Association of Realtors' records back to 1999.

Higher property prices and mortgage rates near a four-year high, however, are putting a dent in affordability. New-home sales have declined for three straight months, according to government data released Friday, while first-time buyers of previously owned houses made up a smaller share of total purchases in February.