I had an amazing experience with a cross country flight (san jose - D.C.) where a $133 fare would show up in the evenings. I watched it appear and disappear at least twice before booking it. The airlines have an amazing ability to get the most you're personally willing to pay out of you for a flight. It doesn't always work, but most of the time it does.

One simple explanation is that we all like to think that if we wait a few days, the price will go down. In actuality, prices usualy go up as you get closer, so you wait and wait, slowly seeing prices go up until you realize that you won't be able to afford anything more, and book it. Sometimes they'll blink first, and have a sale, but you can't count on it. This far out they're still hoping to pick up people who can't sleep unless they have a plane ticket, and won't have any sales on travel that far out. Seeing as mid-june to mid-july is the peak season, there isn't much hope in fares coming down too far, but they'll probably come down some.

Matthew