It's not a home run because and "in play" player could make the catch before officially being considered out of play.
However if the player is out of play already before he catches it, then it would be a home run..Personally, I've never seen this scenario on a home run though..
Theoretically, this could work the other way also. Say, for instance a 3rd baseman is chasing a foul ball and falls over the rails into the stands, but is able to recover and reach back inside of the rail to catch a ball that doesn't end up reaching the stands. I believe the call would be "out of play" since the defensive player had established himself as out of play, despite the ball not reaching the stands.
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