Heating, Air-conditioning & Refrigeration Distributors International  (HARDI) released its monthly TRENDS report, showing sales by HARDI distributors increased by 7.4% during March 2025.

The annual sales growth for the 12 months through March 2025 is an increase of 3.3%.

“This was a nice way to end the first quarter of the year,” said Brian Loftus, macroeconomic and residential market analyst at HARDI.  “When we adjust the monthly results for the same number of billing days, the three-month average monthly sales growth was near 5% for each month this quarter.”

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

“The DSO for March was 38 days which compares favorably to the past couple of years that were in the 41-to-42 day range,” Loftus said.

March was the last month of heating season, and the sales to inventory ratio indicates distributors in most regions are ready for cooling season.  “We start cooling season with deteriorating consumer sentiment and difficult cooling degree day comparisons in most regions during May and June,” said Loftus.  “Cooling degree days are closer to normal or less than normal in most regions during July and August.”

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.