* Home resales in May fall to 37,576

* Average price up 8.5 pct to C$346,881

TORONTO, June 16 (Reuters) - Sales of existing homes in Canada in May fell 9.5 percent from the previous month, the Canadian Real Estate Association said on Wednesday.

The industry group said a total of 37,576 homes changed hands in May, down 9.5 percent from April and down 2.8 percent from the same month last year.

CREA said the national average price in May rose 8.5 percent from a year earlier to C$346,881 ($336,778).

The number of new listings dipped 4 percent from the previous month.

($1=$1.03 Canadian)