In hurricane-prone coastal regions, newer construction requires more stringent building codes, primarily around securing the roof and siding. Even a wood-frame house doesn't necessarily have much trouble standing up against your average hurricane's wind field (unless you take a direct hit from the eye, maybe): it's usually the storm surge that wreaks the most havoc, and stone or brick won't stand up much better than wood to that. As for Tornado Alley, while I personally wouldn't be caught dead living in a wood-framed house there, it's far cheaper to construct an underground storm shelter than an entire reinforced structure. Plus, once tornadoes get strong enough, what your building is made out of really doesn't matter much in the end.
As for the more general question, it's something I've honestly never stopped to consider, and some random Googling brings up all sorts of interesting speculation, from the fact that wood-framed houses allow for better insulation strategies to the more farfetched idea that Americans never had to worry about invading feudal armies storming about pillaging towns. The historical possibility that makes the most sense to me is that, when the first European settlers arrived here, North America had a lot of forests. Like, a LOT a lot. From the very beginning pretty much everything was built out of wood, with only the wealthiest getting stone or brick houses (minus a few regional anomalies where stone would have been more plentiful). Home builders' experience was always with wood, and the trend has stuck to this day, when we still have decently-huge forests. In more modern terms, the huge suburban boom which began after WWII has never really subsided, and new home construction is big business, so being able to build them more cheaply and much more quickly is very advantageous. Americans tend to go for larger homes than most Europeans, so most people will try to get more bang for their buck; in addition, the housing crisis nonwithstanding, home ownership is seen as something that pretty much everyone aspires to, so being able to build them cheaply enables that. And not that I have any sources on it, but I saw several people comment that as a rule, European families tend to stay relatively more settled, whereas Americans move more frequently; the former case would place more value on a house that's likely to be in good shape for a century or more.
In short, I dunno really. Just basic cultural differences I guess. Our own house was built by a kinda-shady developer, but almost 25 years later it's still hanging in there. And with the amount of settling it's done over the years, we'd probably have huge gaping cracks all over the place if it was built of masonry.
