A false restart of the economy could create a worst-case scenario for the country’s housing market, an analysis by Zillow says

Economists at the real-estate company released a new report outlining their forecast of how the coronavirus outbreak could affect home prices and sales. The researchers outlined three different possible trajectories for the housing market, based on varying degrees of optimism regarding the recovery from the pandemic.

The medium view, in terms of positivity, suggests that home prices will drop between 2% and 3% through the fourth quarter of 2020. From there, researchers expected home prices to recover throughout 2021.

But the more pessimistic forecast could make Americans looking to sell their homes anxious. If the coronavirus outbreak leads to a short-term recession, with a possible second wave of infections and more economic fallout, then Zillow Z, +14.70% expected home prices to drop between 3% and 4% and to remain depressed throughout next year.

Zillow’s expectations of falling home prices run counter to what other economists have predicted. Fannie Mae FNMA, 1.19% recently projected that home prices would actually continue to rise in 2020 despite a drop in sales activity.