Newsflash: Price per square foot vs housing market

Looking to sell current house ($500/sqft) and purchase a new home ($400/sqft).QUESTION: If the housing market goes down 10%, is it reasonable to assume both homes would have a market value at about the same price per square foot (close to $450)? Or would they both go down proportionately (current:$450, new:$360)?Is historic sales price factored into the new sales price? All other things being equal, it doesn’t seem like it should be.More details:Current house: Built 3 years ago, 1700sq ftNew house: 2018 completion, 3000sq ftBoth houses are in the same city (Orange Country, CA), same school district, similar community setups, 2 miles apart.

Read more at https://www.reddit.com/r/RealEstate/comments/75zt5u/price_per_square_foot_vs_housing_market/?utm_source=ifttt

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