What happened to the housing market during previous recessions?

As federal and state officials scramble to limit the economic fallout from the coronavirus, economists are talking once again about the prospect of a recession.

In July, Zillow Research studied the link between recessions and home values.

Key findings:

• “In the past 23 years, there have been two national recessions — the dot-com crash from March to November 2001 and the Great Recession from December 2007 to June 2009 — and several statewide or regional recessions. Home values broadly fell across the country during the Great Recession, but in most other cases annual home value growth remained positive.”
• “Recessions do have an impact on the housing market, but the widespread collapse of home values during the Great Recession is an outlier.”