Heating, Air-conditioning & Refrigeration Distributors International  (HARDI) released its monthly TRENDS report, showing sales by HARDI distributors increased by 3.45% during January 2025.

The annual sales growth for the 12 months through January 2025 is an increase of 4.2%.

“More heating degree days year-to-year helped produce sales growth in all seven of our regions during January,” said HARDI Macroeconomic and Residential Market Analyst Brian Loftus. “The sales to inventory ratio was improving across all the regions during 2024 until pre-buy activity during the fourth quarter. The improvement resumed in several of the regions during January.”   

The monthly sales survey also calculates distributor’s Days Sales Outstanding, a measure of how quickly customers pay their bills.  

“The DSO has been turning a bit faster recently and that continued in January,” said Loftus.  “The DSO for January has been near 43 days the past few years but was less than 38 days this year,” Loftus said. “The Fed was trying to slow the economy for 30 months until the rate cut in September. The unemployment rate has been close to 4.1% since June, and the three-month average monthly job growth has improved since that first rate cut.

"We are very pleased to see the 10-year bond yield following the fed funds rate lower.  The mortgage rate typically follows the 10-year yield, so this could have a positive impact on existing home sales, and replacement demand, for HARDI members this summer.”

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.