Airfares are really impossible to predict, and although fares to Europe are definitely lower than they were last year at this time, they are all over the place depending on when you look.
Just two examples: back in late February, you could buy a fare from Philadelphia to Milan on nonstop flights for $380 including taxes for spring travel. Today, it's in the 500's. Will it go down again? Who knows.
On the other hand, back in February, Philadelphia to Dublin was going for about $400 RT including taxes for spring travel. Today, you can fly that route peak summer travel for about the same price.
The lesson here is to shop around (or let us do it for you, of course). And don't listen to anyone who tells you they can predict airfares!