Q:

Is it wrong to say "house of wood" to mean that a house is built/made out of wood?

To me, "house of wood" seems to refer more properly to a place where one can get stuff made out of wood, like "house of pizza" would refer to a place where one could find pizza, and not to a place made out of pizza.
However, "pizza house" can also be used to refer to a place that sells pizza, while "wood house" starts to feel like it might also refer to a house made out of wood.
It seems that the only 100% correct answers are "wooden house", or "house built/made out of wood", but I wouldn't know how to explain why "wood house" or "house of wood" cannot mean the same thing.

A:

As beauty is in the eye of the beholder, so house of wood is in the mind of the interpreter. 
It could be the name of a company selling timber. It could refer to a house that is made of wood. Or, in the case of a friend of mine, whose surname is Wood, it could refer to a house belonging to Wood. Indeed, his house was so named.
Wood House sounds like the name for an institution of some kind, possibly one named after a Mr/Ms Wood.
Only the phrases wooden house or house made of wood make it clear that the house is made of wood.

