5G phones have taken over. >70% of phones sold in China, Korea, Australia, Canada, and the United States are now 5G. I believe Japan, England, and most of Western Europe are similar but I don't have firm data. 

5G still does nothing important, of course, but the cost difference between 4G & 5G is very small. The immensely popular Apple 13 doesn't even have a 4G model. 

Since December 2019, I've been reporting that prices of $150-220 were driving demand for 5G phones. Boost Mobile, owned by Dish, on November 7 2021 dropped the price of the Samsung A32 5G to $129. 

Amazon is selling a slew of off-brand 5G phones for $150-175. JD.com offers Chinese name-brand 5G phones for $150-225. 

Chips are still in short supply.  Low-priced phones of course have lesser priority and there are spot shortages.

My best guess is the supply restraints will resolve in 3-6 months but that is totally unclear. The demand for chips is not overwhelming.  Product sales across the economy are good but not enough to create such shortages.  Any sensible maker, hearing of possible shortages, will seek to build inventory. The protection buying probably is the driving force. Probably.

A great deal of manufacturing capacity is coming online.  Apple is seeing slowing demand, Bloomberg reports. Intel, TSMC, and Samsung, dominant chip foundries, have budgeted over $200 billion for new plants.

Chip plants and the equipment for them take time to build. The big new ones mostly are coming online in 2023-2025, but many incremental improvements are happening.

When parts become available, phone prices will drop even further.