Yes, but not as well as gold, silver or copper. Because of this, there will be more loss in aluminum wire than in copper wire, and aluminum wire will heat up more when conducting current.
The lower conductivity of Al can be compensated for by using larger wire, and it is still cheaper and about half the weight of copper.
The big problem with aluminum house wiring is the terminations. Due to thermal cycling, Aluminum connections tend to get loose and corrode, and this is the source of fires. Devices made for use with Aluminum wire mitigate this to a large degree.