Thanks for that. It looks like at normal atmospheric temperatures, relative humidity is a small effect. Temperature, however, is a first-order effect, causing under-reporting of rocket altitude on hot days summer days on the order of 10%. The standard model used to convert pressure to altitude is based on an assumption of a sea level temperature of around 50F IIRC, and colder at higher altitudes above sea level. And before anyone asks, the temperature of the altimeter inside an av-bay is not very representative enough of the outside ambient temperature to provide useful compensation, since it can easily be 10F-40F hotter inside than outside depending on the color of the rocket, whether there is a breeze, etc. GPS is going to beat barometric sensing of altitude for accuracy for pretty much any flight we're interested in.
But barometric sensing is still useful for apogee detection, main deployment etc. because it's usually more available. Transients (sometimes very large trasients) from leaky av-bays, sunlight through vent holes, etc. have to be ignored, though.