The answer is yes and no... let me explain. Statistically, the affect is minor, with sales decreasing slightly during election years and home prices increasing just a little less during election years.
However, the reasons for these results are not believed to be economical, but social, and result from "consumer confidence".
The unknown of a presidential election year puts stress on the average home buyer, and they often hold out on such large expenditures until the economy and the unknowns, including who may be running the nation, are settled.
Adding to this consumer uncertainty is how close a race is, such as what we are seeing so far this year.
So, the affects of a presidential election have been minor enough historically, that it should not stop you from buying or selling if those are your plans.