The gun market is softening because there is a Republican trifecta in federal office and thus no panic buying. Historically there were rushes to buy guns everytime the Democrats had majorities in office since the late 80s, as that is when the Dems started to turn against general gun ownership. Traditionally before this, government gun bans were generally tied to racist measures dating back to Jim Crow, ever since the civil rights act they have had to try less raciat (still classist) alternate angles that target everyone. The single threat of "the gubment will take your guns" means there never will be a mass cheapening. Despite no federal fears at this time, there are still various state level efforts to ban guns and the threat of future ones so long as the Democrata do not give it up as a plank (and sometimes Republicans supporting them).

Otherwise, stuff only gets cheaper when people do not want them anymore or production abilities advance. CNC machining has cheapened mid range guns to the point that the low end market is dying. SCCY died a few years ago, Hi Point is currently in serious trouble and downsizing severely. Also the Glock patent expiring meant tons of cheaper clones of what used to be THE mid range gun  now flood the market. The only guns that stay cheaper otherwise are those for obsolete calibers, like old 32 S&W revolvers.

Bullets will never get cheaper again unless there is another "peace dividend" period. Which with the Russian invasion of Ukraine, various on going civil wars, and China likely invading Taiwan in the next year, we will not see a calming period anytime soon. Even then, lead is simply more expensive as it is all imported as the ancient polluting lead recyclers in the US were closed by Obama and all lead has to be shipped in now from overseas. This is why car batteries are so expensive now, lead is heavy and bulky to ship.

Lastly, pushing things in the opposite direction too is 3D printing and gun "buy backs". Many 3D prints can make a receiver for many common parts kits nowadays (check out guncadindex). Parts kits of things you used to never be able to sell are now 10x the price, almost their full built gun price, because 3D printing is using them up. That and what do you think the source of these parts kits were? The guns were not destroyed by accident and sold off, this was the business model of the companies that cities hired to destroy their "bought back" guns. Chop the receivers to legally destroy the guns, pick out the remaining parts and sell them as kits, make money twice. Cities used to love these companies because they were so cheap, but got wind of how this works post covid with an NYT investigation (linked below) , so it is not as popular. Essentially they were creating the parts kits that the black market was buying to 3d print new, unserialized, guns with. Considering that most of the government considers any 3d printed gun a "ghost gun" to ban, the parts kits have been hoarded already, and the lack of "buy backs" means little supply coming out, price only goes up. That and people were just giving less guns in buy backs, there were only so many boomer hoarders that let their widows dump it at a "buy back" after their deaths. Many just sell them on gunbroker now to find their end of life care or properly give them to their kids. 

https://www.nytimes.com/2023/12/10/us/guns-disposal-recycling.html