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National home values posted their smallest monthly increase since May 2012, rising 0.2 percent from December to January as the number of homes on the market grew 11.2 percent from a year ago, according to estimates generated by Zillow.

Zillow’s Home Value Index — which attempts to estimate the value of all single-family residences, condominiums and cooperatives, regardless of whether they sold within a given period — pegged national home values at $169,600, up 6.3 percent from a year ago.

Inventory was up in 22 of the 35 largest metro areas covered by Zillow, with Phoenix, Las Vegas and Sacramento seeing the biggest increases. Source: