HVACR distributors that are members of Heating, Air-conditioning & Refrigeration Distributors International (HARDI) reported a 6.9% increase in sales in June after posting a decline of 2.1% in May.

“Nearly 7% sales growth against a month when cooling degree days were well above normal in six of our seven regions last June looks great, but that’s not apples-to-apples,” HARDI Macroeconomic and Residential Market Analyst Brian Loftus said in an Aug. 5 news release.  “June 2025 had one more billing day than June of 2024. We estimate the sales growth was closer to 1.8% with the same number of billing days.”

The annual sales growth for the 12 months through June 2025 is an increase of 4.3%.

The monthly sales survey also calculates distributors’ Days Sales Outstanding (DSO), a measure of how quickly customers pay their bills.

“The DSO for June was tracking at 39 days from 2021 through 2023. It was trimmed by a day in June of 2024 and has been trimmed by another day during June of 2025 to less than 37 days,” Loftus said.

The annual sales growth of HARDI distributors has been near 4% during the past three months while the producer price index for the industry has been moving towards that level.

“If the price increases are passed through, then there is not much real sales growth so far this year,” Loftus said. “Modest sales growth during 2025 would be consistent with the sticky inflation and interest rates, the weak consumer confidence, housing and employment reports.”

HARDI members voluntarily provide monthly sales data to an independent entity which collects and compiles the data. The data can include products not directly associated with the HVACR industry.