Heating, Air-conditioning & Refrigeration Distributors International (HARDI) released its monthly TRENDS report, showing sales by HARDI distributors increased by 6.8% during April 2025.

The annual sales growth for the 12 months through April 2025 is an increase of 4.0%.

“The annual sales growth of HARDI distributors has been trending flat/up for a year now,” said Brian Loftus, macroeconomic and residential Market Analyst at HARDI.

“April is the first month of cooling season but the next three or four months are the ones that will have the greatest influence on whether that trend can continue.”

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

“The DSO turned at 38 days during April of 2025 after being close to 41 days for the month from 2021 through 2024,” Loftus said.

Interest rates have been sticky despite three cuts to the fed funds rate.  The housing market data has been flat to weak, and the ABI index continues to be discouraging, but HARDI distributor sales growth has been drifting higher.  “The monthly sales growth has been trending better during the past few months than during 2024,” said Loftus.  “May and June this year will test that performance because cooling degree days were above normal in most regions during May and June last year.”

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.