That's the FMS cost, at $88 million. The actual flyaway cost which the USAF pays is far lower, possibly even lower than the estimated cost of the J-10C. For instance, the F-18 Super Hornet's flyaway cost was ~$60 million but its FMS cost is double that at $120 million. Unlike with the shipbuilding industry, China has no significant, if any, cost advantage over the US in the aviation department.
The USAF hasn't bought a F-16 in years.
Plus the quotes I've seen indicate the latest F-16 are $70M-$80M flyaway cost.