Home prices continued to fall in January, although at a slightly slower pace, according to the S&P CoreLogic Case-Shiller U.S National Home Price Index.

Home prices in January rose by 3.8% from a year earlier, down from 5.6% in December, CNBC reports.

Case-Shiller said the slower decline in home prices was likely due to a brief drop in mortgage rates that caused a slight bump in sales.

The 10-city composite was up 2.5% from a year earlier, down from 4.4% in December. The 20-city composite also rose 2.5% year-over-year, down from 4.6%.

Despite the declining rate in home price growth, “the Federal Reserve remains focused on its inflation-reduction targets, which suggest that rates may remain elevated in the near-term,” said Craig Lazzara, managing director at S&P DJI. “Mortgage financing and the prospect of economic weakness are therefore likely to remain a headwind for housing prices for at least the next several months.”

Cities with the biggest year-over-year declines in prices were: San Francisco (-7.6%), Seattle (-5.1%), Portland, Oregon (-0.5%) and San Diego (-1.4%). Home prices were flat in Phoenix.

Cities with the biggest annual gains were: Miami (13.8%), Tampa (10.5%), and Atlanta (8.4%).

“More expensive, less available borrowing, especially with an unclear economic outlook, is likely to continue to limit buyer demand,” said Hannah Jones, economic data analyst with Realtor.com. “Though home sales are expected to rebound in line with seasonal trends, this spring’s sales pace is expected to remain lower than last year, as uncertainty and high costs limit activity.”