HVACR distributors that are members of Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) saw sales increase 6.7% month-over-month during July, according to HARDI’s latest monthly TRENDS report issued Sept. 1. It followed a 6.0% gain in June.
On an annual basis, July revenue was up 2.7% year-over-year, with the same number of billing days in July 2025.
“The 6.7% sales growth during July is the best monthly gain of the year, when comparing growth with the same number of billing days,” said Brian Loftus, Senior Market Analyst at HARDI. “The good report is not telling us much about the market. The strongest regions had the biggest cooling degree day increases, and the weakest regions had big cooling degree day declines.”
The monthly HARDI members sales survey also calculates Days Sales Outstanding, which is a measure of how quickly customers pay their bills. HARDI said the DSO for May was less than 37 days — in line with a year ago.
“End market demand has been subdued for more than two years. The steady DSO indicates the market is not deteriorating,” Loftus added. “The housing market has been depressed, like consumer sentiment which is under pressure from stubborn inflation. The market is due for a change. We would have more confidence that signs of improvement could endure if inflation and interest rates would subside.”
HARDI members do not receive financial compensation in exchange for their monthly sales data and can discontinue their participation without prior notice or penalty. Participation is voluntary, and the depth of market coverage varies from region to region. An independent entity collects and compiles the data that can include products not directly associated with the HVACR industry.
