The U.S. housing market is continuing to stabilize at the national level for the fourth consecutive month, according to a new report from Freddie Mac. Freddie’s Multi-Indicator Market Index (MiMi) shows 38 of the 50 states, plus the District of Columbia, and 40 of the 50 biggest metros, are now showing an improving three month trend. In addition, Boston, Buffalo and Nashville showed signs of their markets fully returning to normal levels of activity this month.

The national MiMi value stands at 74.9, indicating a weak housing market overall but showing a slight improvement (up 0.37 percent) from November to December and a positive three-month trend (up 1.09 percent). On a year-over-year basis, the U.S. housing market has improved by 4.41 percent, according to the index. The nation’s all-time MiMi high of 121.7 was April 2006; its low was 57.2 in October 2010, when the housing market was at its weakest. Since that time, the housing market has made a 31 percent rebound.

"Housing markets are getting back on track. Low mortgage rates and moderating house price growth are helping to keep payment-to-income ratios favorable for the typical family in most of the country. In fact, Los Angeles is the only metro market with an elevated MiMi payment-to-income indicator whereas most other markets remain quite affordable," Freddie Mac Deputy Chief Economist Len Kiefer said in a statement.

Sixteen of the 50 states plus the District of Columbia have MiMi values in a stable range, with the District of Columbia (97.6), North Dakota (97.2), Montana (91.1), Hawaii (89.9) and Wyoming (89.1) ranking in the top five.

Massachusetts stood at 79, slightly below the threshold of a "normal" market (80), but up 3.5 percent from the same time last year, when it stood at 76.3. The all-time low for Massachusetts was 67.5 in November 2010.

The Boston market was slightly better than the Bay State’s as a whole, with its 80 mark on this index enough to put it among the 11 of 50 major metro areas with markets in the "stable" range, according to Freddie Mac.  Most of the top-five markets were in the western half of the country, with the list topped by Los Angeles (86.4), then Austin (86.3), San Jose (83.9), Houston (83.3) and Pittsburgh (83.3) rounding out the top five.

In December, 38 of the 50 states and 40 of the 50 metros were showing an improving three month trend. The same time last year, 47 states plus the District of Columbia, and 47 of the top 50 metro areas were showing an improving three month trend.