It is okay to do so, but before you do here is some advice.
Make sure you have strong "Luxury Homes" content not only on your home page but in the site as well. The reason you may have ranked well for "wooden houses" maybe that your site had a lot of content about them as well as related content.
I speak from experience about a year ago we made the same decision and one of the keywords we ranked very well for on our homepage we decided to just try and rank for on our landing page. By removing the content from our homepage and redoing our landing page we never got the same rank.
What I learned was the way search engines view the site in a whole, what you say on your home page has a very strong impact on the way you are viewed by the search engines.
For example lets say you run a Motorcycle shop. You do mostly custom bikes but also offer other services. On your home page you talk about custom bikes and link to a custom bikes show case, as well as other things like fabrication processes, design process, engineering tips etc.. If you suddenly say well we not only do custom bikes but we also do service repairs then change your homepage content to reflect this, you may find you lose rank for custom bikes because well that is what search engines thought your site in a whole was about.
Re-branding can be tricky, just make sure if you re-brand you don't just do it one page deep. Think it through, think about related content and make pages for the related content. Don't put your hope all on a landing page to pick up the slack for "wooden homes" make sure that content gets updated and becomes stronger so you don't lose that traffic. It may also help to leave a meaningful amount of "wooden home" content on the homepage while you re-brand.
I hope this makes sense and helps,
Don