I was on short final in a Cessna 172 for a full stop landing when an sr22 passed overhead with around 5ft vertical separation and continued to descend into our flight path . My student immediately reduced power to idle and slowed down . We then side stepped to the right and I reported the near miss to tower. I then told tower I would be maneuvering into right traffic to avoid the cirrus and requested an immediate landing. We continued right traffic and landed. Prior to the incident we were on a right downwind for runway 30R when we were instructed to perform a left 360 for spacing and that after the 360 to extend downwind and tower would call our base. We did just that and relieved our landing clearance. I also heard tower clear the sr22 to land on runway 30L. The incident was so close that we could feel the wake from the cirrus .