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US Gun Sales Are Slowing Down, Here's Why

New data from the FBI shows that gun sales in the US have dropped significantly compared to last year.

The number of US gun sales appears to be taking a downward turn, according to a new report from CNNMoney. The report looked at the FBI's January records for federal background checks, one of the most accurate ways to measure gun sales.

For the month of January, the FBI reported 1.6 million federal background checks, which is nearly half of the 2.5 million checks conducted the same time last year. Gun sales started to soar last December after the Newtown massacre occurred and President Obama pledged sweeping gun restrictions. A year later, it appears the number of gun sales is dying down.

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But industry experts say the decline in gun sales is expected, considering that the demand is returning to normal and the proposed sweeping gun restrictions largely failed to pass. Also, retailers have started to catch up to the nation's and the demand for firearms.

Despite the low estimates this year, the current estimated number of gun sales is still higher than it was before Newtown and President Obama's reelection occurred.

"So we have come down from the peak but the valley floor is higher than before November, 2012," National Shooting Sports Foundation spokesperson Lawrence Keane told CNNMoney. "The consumer base has grown. This is because for the past few years, retailers tell us that about 25% of customers at the checkout counter are first-time buyers. Huge increases in the number of woman buyers."

RELATED: Women are becoming a key market for the firearms industry

Major gun manufacturers like Remington Arms are expanding their production facilities to match the growing demand for guns in the US. On Monday, Remington announced plans to build a 500,000-square-foot factory in Huntsville, Alabama.

CNNMoney also reported that ammunition, which was believed to be the next boom, is also starting to take a dive in sales.

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US Gun Sales Are Slowing Down, Here's Why