This paper presents a high-quality real-time pitch-shifting algorithm with a time-varying factor for monophonic audio and musical signals. The pitch-shifting algorithm is based on the resampling and time-scale modification method. A new time-scale modification method has been developed which is called the Normalized Filtered Correlation Time-Scale Modification (NFC-TSM) method It uses a ring buffer for time-scaling. The best splicing point is searched in the normalized low-pass filtered signal using the Average Magnitude Difference Function (AMDF). The new method results in low-latency and high-quality pitch-shifting of musical signals.