Points flights are directly related to $ cost of flights. So a $98 flight vs $49 flight - the difference is a 100% higher point cost for the $98 flight.
Your cost delta is not related to points being devalued. Instead the higher points costs correspond directly to higher $ costs for the flight. In general, flights cost a lot more than they did in March.
Check Southwest's low fare calendar to see if there are lower cost flights available.
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