U.S. home prices rose at a slower pace in May, according to S&P/ Case-Shiller Home Price Indices released Tuesday.

The 10-City and 20-City Composites posted 9.4 percent and 9.3 percent annual growth rate in May, down from the 10.9 percent and 10.8 percent returns of April reported last month. All cities with the exception of Charlotte and Tampa saw their annual rates decelerate.

In the month of May, these two composites posted gains of 1.1 percent month-over-month. All 20 cities reported increases.

David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in the statement, "Home prices rose at their slowest pace since February of last year. The 10- and 20- City Composites posted just over 9 percent, well below expectations."

He added that housing has turned in mixed economic numbers in the last few months. Prices and sales of existing homes have shown improvement while construction and sales of new homes continue to lag.

At the same time, the broader U.S. economy and especially employment are showing larger improvements and substantial gains.