There are three possibilities to this in my opinion:
1. He doesn't like you and he's giving you an excuse.
2. He doesn't like you and he's telling you that he actually likes someone else (but only started liking her recently)
3. He isn't sure whether or not he likes you and he's not ready to commit to a relationship yet.

It doesn't really matter which case it is. Just play things cool and let things take their course. Treat him as you would any other guy for now. I don't think you want to lose him as a friend right?