For those who priced out a December trip earlier this year and found travel was out of their reach this holiday season, it’s time for another look. Travelocity’s most recent data shows a steady decline in airfare over the last five weeks with an average price drop of $53.

‘If Thanksgiving was any indicator, we can expect fewer travelers this holiday season,’ said Amy Ziff, Travelocity’s editor-at-large. ‘Softening travel demand is translating into lower prices for travelers.’ With less than one month to go until Christmas, prudent travelers who hope to get away will realize falling airfares and stellar hotel deals are based on availability and may not last much longer.

Following are the top five origination cities and destinations and the average prices in mid-October as compared with Travelocity’s most recent airfare data.

‘Though this dip in airfare is certainly good news for cash-strapped travelers, the best values are still found in combination with hotel stays and promotions,’ said Ziff. For example, the average daily rate for hotels is down in five of the nation’s most popular destinations – Las Vegas (down 20 percent), Orlando (down 14 percent), Chicago (down 8 percent), San Diego (down 7 percent), and South Florida (down 6 percent).

Despite the economic downturn, there will be no shortage of travelers taking to the skies and hitting the roads this holiday season. ‘If airfare, gas prices and hotel rates continue to decline, those who do the math may find their December travels will actually cost less than last year to some of the most popular destinations.’