"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%.
“We have sales declines during two of the first three months of cooling season versus the boom times of 2022,” said Brian Loftus, macroeconomic and residential market analyst at HARDI.
Heating, Air-conditioning & Refrigeration Distributors International's (HARDI) members reported average sales increases of 4% during February 2023 when compared to February 2022, per the association's monthly TRENDS report.