Sales fell by 2.9% overall in November among HVACR distributors participating in the Heating, Air-conditioning & Refrigeration Distributors International (HARDI) monthly sales survey, according to a HARDI press release. However, the same distributors saw a sales increase averaging 3.8% over the 12-month period that ended November 30.
“Heating season is off to a slow start with the 1% sales decline during October and then a 2.9% decline during November,” said Brian Loftus, HARDI’s macroeconomic and residential market analyst. “October was a difficult comparison and November had one less billing day.”
HARDI’s monthly sales survey also calculates distributors’ Days Sales Outstanding, a measure of how quickly customers pay their bills. “The DSO for November was less than 40 days. That is comparable to the pace we saw one year ago.” said Loftus. “While the recent sales results may raise concerns about the market health, we are pleased to see the DSO remains steady at a healthy rate.”
The annual sales growth rate of the HARDI distributors surveyed remained near 4% during 2025, after price increases of about 5%. “Unit demand has been flat to down this year, along with flat existing home sales and an uncooperative cooling season in much of the country,” said Loftus. “We are encouraged to see the sales-to-inventory ratio improving in most of our regions despite the sluggish demand.”
HARDI members do not receive financial compensation in exchange for monthly sales data and can discontinue participation in the survey 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, which can include sales information about products not directly associated with the HVACR industry.
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