Falnfenix recently discussed whether the ammo craze is finally ending, and I think she may be right. Hell, she found .380, which was unheard of not long ago. It's not fully over yet, but we're finally starting to see prices drop and avaliability increase on certain products and calibers. Defensive ammo in most pistol calibers is still grossly overpriced and hasn't dropped to normal levels yet, and I still can't find any Federal HST in .45 ACP.
That said, it looks like AR-15 prices are finally coming back down and you can actually find .223 at reasonable prices again. Still, if you take a look at most major online vendors you see more out of stock than in stock, so we're not out of the woods yet.