HVACR distributors that are members of Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) saw sales decrease 4.8% month-over-month during May, according to HARDI’s latest monthly TRENDS report issued July 6. It followed gains of 4.5% and 5.4% in April and March, respectively.
However, May 2026 had one less billing day than a year earlier, and HARDI noted that estimated sales would have been approximately flat or comparable year-over-year with the same number of billing days.
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On a trailing 12-month basis, annual sales growth through May was 2.6%, further decelerating from 2.8% and 3.3% of April and March.
“Almost a 5% sales decline is a lousy start for the first meaningful month of cooling season, but it is not as weak as the headline,” said Brian Loftus, Senior Market Analyst at HARDI.
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 38 days — in line with a year ago and essentially identical to April and March.
“An early start to heating season got sales off and running in our Northeast and Mid-Atlantic regions,” Loftus added. “With a lot of difficult weather comps across the country during the next couple of months, we need that summer magic to cook-up some demand or our annual sales growth will remain in low single-digit range.”
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.
