Heating, Air-conditioning & Refrigeration Distributors International (HARDI) released its
monthly TRENDS report, showing sales by HARDI distributors increased by 1.9% during June 2024.
“The modest flat/up results so far this year are consistent with our expectations that 2024 is the bottom of this cycle,” said Brian Loftus, HARDI’s macroeconomic and residential market analyst.
“After the flat sales during 2023, it looks like we are off to a good start with 9% sales growth during January and 7.7% during February,” said Brian Loftus, HARDI’s macroeconomic and residential market analyst.
"Going forward, the pace of existing home sales is turning and mortgage rates are shrinking. This annual growth rate chart will be turning higher very soon," said Brian Loftus, HARDI’s macroeconomic and residential market analyst.
Given the context, including a month with one less billing day than September 2022, sales seem to be treading water at an elevated level, said Brian Loftus, HARDI’s macroeconomic and residential market analyst
Based on data from HARDI members participating in the monthly survey, sales were up by 4.5% in August. Sales growth for the previous 12 months, through August 2023, was 5.7%.