Read your governing documents to determine the process required to make this change.
It is possible that if only three board members are elected, the number -- for the duration of those terms -- automatically becomes three.
Be aware, however, that a three-member board may be hampered in its ability to 'do the work', given busy lives, illness, non-resident owners and so forth. When even one member is not available for a meeting, and the two remaining directors cannot agree on a vote, then, the matter must await a new meeting, the presence of the third director and a new vote.
When two members are not available, no work can be done.
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Yes, board members can generally vote to decrease the number of HOA board members from 5 to 3, as long as it aligns with the rules and regulations outlined in the governing documents of the HOA. However, it is important to review the specific guidelines stated in the HOA's bylaws or articles of incorporation to ensure compliance with any procedures or limitations for changing the board structure. Additionally, obtaining input and agreement from the community members may also be necessary.