Economic activity ticked upward in New England through the end of 2014, according to the Federal Reserve’s latest Beige Book report.

Most contacts across the retail, manufacturing, advertising and consulting sectors in the First District, which includes all of New England except for Connecticut’s Fairfield County, told the Fed that sales or revenues had exceeded year-ago numbers. However, manufacturers and retailers largely did not increase staffing, while advertising and consulting contacts said they had been hiring modestly.

The Boston area, in particular, enjoyed a boost from travel related spending, as hotel occupancy rates and museum attendance increased over 2013.

Boston also enjoyed an improving commercial real estate market in December, the Fed said, noting particular demand for commercial property among foreign investors. Boston contacts told the Fed they expect investment sales activity to remain robust even if short-term or long-term rates increase this year, though one contact expressed concern about whether growth among tech start-ups would sustain itself through 2015.

Year-over-year single-family home and condo sales largely declined across the region through the end of November. Condo prices declined in Connecticut, while they posted year-over-year increases in Massachusetts in 17 of the past 18 months. Single-family home prices also posted year-over-year increases in 25 of the past 26 months in the Bay State. Massachusetts contacts told the Fed that steady consumer demand combined with declining inventory were putting upward pressure on those prices and also said that inventory heading into December is at its lowest point in a decade.

Realtors told the Fed they were cautiously optimistic, and said they hoped interest rates remain low, and said the markets will show significant improvements when wages tick upward and new listings provide buyers with more options.