Indeed! The two shops I frequent are just about completely out. The smaller shop I hang out at mainly for their pistol range has seven used handguns and a couple of new overpriced 1911 Kimbers, whereas they normally have seventy or so weapons in the case and as many handguns in back. Their rifle inventory is down from 60 to 5, and those are used junk. They're backlogged on mainstream AR-15s for 16 months.
The larger shop is nationally known, and they normally have at least 200 pistols and 200 rifles on the showroom at any given time (don't know how many are warehoused, but they do have a warehouse), and they're down to about 1/3 of that. Most of what's left are some of the more esoteric revolvers (single action cowboy guns, weapons in odd calibers, etc) and some hunting shotguns.