Yes, and it is one of the most common leaks in an inground pool. The light sits in a niche with a conduit running back to the junction box, and water can escape through the niche seal or up the conduit where the cord enters it. A water level that settles just below the top of the light is the typical sign.
A light leak is confirmed with a dye test around the niche with the pump off. The repair is usually sealing the conduit or reseating the niche rather than structural work.
Still not sure it’s a leak?
Describe what your pool is doing, and we will tell you what it may be and what a visit would involve. If the water level is dropping fast, call us right away.