HARDI Distributors' Sales Down Nearly 5% in May

Sales at HVAC equipment distributors dipped nearly 5% in May, according to a monthly survey run by Heating, Air-conditioning & Refrigeration Distributors International (HARDI), a trade group for companies that supply heating and cooling equipment to contractors. HARDI's market analyst, Brian Loftus, said the drop looks worse than it is: May 2026 had one less billing day than May 2025, so sales were likely close to flat once that's accounted for. Looking at the full year, sales through the 12 months ending in May rose 2.6%.

The report also tracked how fast distributors' customers pay their bills, a measure called Days Sales Outstanding. That figure came in under 38 days for May, a bit quicker than the roughly 40 days seen in May of 2022 through 2024. Loftus noted that an early start to heating season boosted sales in the Northeast and Mid-Atlantic.

None of this points to a specific rule, rebate, or price change for homeowners. It is a snapshot of business conditions among the companies that stock and sell HVAC equipment to installers. If broader demand stays soft heading into summer, as Loftus suggested it might given "difficult weather comps" ahead, that could eventually show up in equipment availability or pricing, but the report itself does not describe any direct changes to what a homeowner would pay for a new furnace, air conditioner, or heat pump.