Flying home this holiday season may be easier on your pocket than in recent years. As competition increases and airlines vie with each other to fill up their seats, air fare wars have returned with a vengeance.

For years now, the airline industry has stressed how it cannot lower prices because the cost of business is too high. Though the lowered flight prices aren't exactly unprecedented or revolutionary, they are considerable enough to make a difference in holiday budgets.

Now, if one chooses a strategic off-peak hour to travel, then prices can be as low as just $67 for a round trip from San Francisco to Las Vegas or from New York to Los Angeles. While the prices vary across the country and by location, they are definitely offering fliers a big break this season.

Low fuel prices have sparked off travel plans across the nation, and it's not restricted to road trips. Summer travel has already proven to be quite cost-effective, and fall looks just as promising.

Companies like Southwest Airlines have even announced extra-low fares for fall travel (as low as $49 in a special three-day-only sale). This is a good indication of the competition they are all in to attract more domestic travel. High prices have made a lot of Americans resist flying within the country, but now with fuel prices down airlines have the extra cash to offer their fliers more incentives.

With more Americans flying this year than the year before, it seems airlines will profit in the end with bulk sales. Most airlines have even added additional seats to handle the rise in travelers and want low prices to fill those seats up quickly.

That doesn't mean a blind drop in prices, of course. The leading airlines are being quite selective in their deals. They are taking advantage of the holiday rush, but the best deals are to be had on the traditionally slower days of the week.

But that is the smaller picture. What's happening now is the big sharks are undercutting ultra-low-cost carriers like JetBlue, Spirit and Frontier quite easily with their record profits and billions of dollars in savings on fuel. The larger airline companies have better planes, a bigger fleet and more seats — and they don't always charge extra for luggage or water.

It will be interesting to see how these low-cost counterparts fight back and how the customer can benefit out of all this. Already, experts have more tips and tricks to get the best out of all the deals that are posted by different third-party sites.

Some cities, like Dallas, have impacted these deals to a large extent. According to Wolfe Research analyst Hunter Keay, 2 out of every 5 domestic flights are affected by industry changes in Dallas. When one airline offers a cheaper fare with Dallas as a connecting city, the others will immediately try and match that.

On a slow day like Tuesday, one can fly from JFK to DFW for as low as $40, as a recent experiment by The Associated Press proved. Even then, the plane was almost full, which showed clear profits for the airline despite amazing fare deals.

Instead of empty seats, the fare wars and cool deals have ensured more seats being filled up. It's a clear win-win for consumers and the airlines.