The Case-Shiller index is based on a three-month average, meaning that the January data was influenced by sale transactions from November and December.
The latest data from January reveals that home values in 20 U.S. metro cities declined -3.8% from a year earlier, meeting analysts estimates.
Eight cities including Atlanta, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa all made new lows.
Sixteen of the 20 cities in the index showed a year over year decline. Atlanta led the drop with a 15 percent decline.
Detroit had the largest improvement, with home prices rising 1.7 percent in January.
The 3.8 % decline in 20 U.S. metro cities for January was actually lower than the home value decrease of 4.1 percent in December.
Prices for existing homes rose by 0.3% last month to reach their first year over year increase since November 2010, according to the National Association of Realtors.
U.S. consumer confidence lowered slightly to 70.2 from 71.6 in February which is near the highest level in a year. Rising gas prices is widely cited as the primary reason for the decline.