If GA is down, why aren't used aircraft prices?

If the number of private pilots is down from 299,000 to 236,000, why are
prices for used aircraft maintaining and even out pacing inflation?

Economics 101, first day of class - price is determined by supply and
demand. Yet I've noticed over the past couple of years the average price
for a late '70's Cessna 172 has floated up from $59,000 to $66,000.
Cessna 150s have gone from $22,000 to $26,000.

Mind you, this is a completely subjective observation on my part, but it
does seem accurate.

--
Dallas