I just upgraded my MacMini Server from Lion Server to Mountain Lion using OS X Server. I am having the same problem with PostgreSQL that I did last year when I first instal
As mentioned by others in the comments, a really simple solution to this issue is to declare the database 'host' within the database configuration. Adding this answer just to make it a little more clear for anyone reading this.
In a Ruby on Rails app for example, edit /config/database.yml:
development:
adapter: postgresql
encoding: unicode
database: database_name
pool: 5
host: localhost
Note: the last line added to specify the host. Prior to updating to Yosemite I never needed to specify the host in this way.
Hope this helps someone.
Cheers