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The price of US homes in January rose 5.7% from a year earlier, according to the S&P Case-Shiller 20-City Composite Home Price Index.

That's a slight increase from the 5.6% rate reported for December.

The cities with the highest price rises were Portland, Seattle and San Francisco, according to the report.

The increase is raising concerns about a lack of affordable housing for Americans, as home values have risen 2.6 times faster than US hourly wages.

"While low inventories and short supply are boosting prices, financing continues to be a concern for some potential purchasers, particularly young adults and first time home buyers," said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices.

Large amounts of student loan and credit card debt have hampered would-be buyers ability to purchase homes.

"While rising home prices are certainly a factor deterring home purchases, individual financial positions are more important than local housing market conditions," said Mr Blitzer.

The number of home listed for sales fell by 1.1% in February, from a year prior.

Portland had the largest price increase with home values rising 11.8% compared to a year earlier.