Here’s a nomination for the most frustrating trade of the year: housing stocks.

The housing market just keeps on getting better, and yet homebuilders and many related building and construction plays have been lagging the broader market big time.

Take the iShares U.S. Home Construction ETF (ITB). Top holdings are a who’s who of the nation’s biggest homebuilders: PulteGroup (PHM), Lennar (LEN), DR Horton (DHI), Toll Brothers (TOL) and NVR (NVR).

The housing market’s on fire, you say? Well, tell that to ITB. It’s up just 1.3% for the year. Meanwhile, any plain-vanilla S&P 500 index fund has gained nearly 19%.

As we noted previously, that underperformance is largely attributable to these stocks having come very far, very fast.

Homebuilders went gangbusters all through last year and well into spring. The market — forward looking as it is — began betting on the recovery more than a year ago. As a result, the homebuilders — and much of the wider sector — are now priced for absolute perfection. It’s a case where nothing on the earnings and data fronts can go wrong.

However, where the homebuilders have lagged, some tangential housing plays in building and construction have fared better — in some cases, absolutely crushing-the-market better.

Here are three under-the-radar housing plays putting up amazing year-to-date returns:

Mohawk Industries

This flooring company — whose products include carpets, ceramic tiles, laminates and hardwood — is up 43% in 2013. Just last week, Mohawk (MHK) served up what the market likes best: a beat-and-raise quarter.

The company surpassed Wall Street’s second-quarter earnings and revenue estimates by a wide margin. More importantly, the guidance blew away expectations. Mohawk forecast third-quarter earnings of $1.81 to $1.91 a share when analysts were projecting just $1.67.

Happily for new money, the stock still looks like a bargain. The forward price-to-earnings ratio (P/E) of 17 is still almost 20% below its own five-year average, according to data from Thomson Reuters Stock Reports.

Jacobs Engineering

As one of the world’s largest providers of construction services, Jacobs Engineering (JEC) has its hands full with everything from planning to engineering to construction management. The big rebound in building helped propel shares to a gain of 41% so far in 2013.

This might not be the best time to add money to a position, however. Although Jacob’s backlog remains strong and it beat Street revenue estimates comfortably in the most recent quarter, earnings missed by a penny a share.

Additionally, the valuation, while defensible, doesn’t scream “bargain.” True, the forward P/E of 19 can be justified by a long-term growth rate of 15%  — but it also represents a 25% premium to its own five-year average. Be patient and buy Jacobs on a pullback.

Comfort Systems USA

A company that installs heating, ventilation and air conditioning systems is always going to see business blow hot and cold with the vagaries of housing market. So no wonder Comfort Systems (FIX) is up 32% this year.

The company clobbered Wall Street’s earnings estimate by 8 cents a share in the most recent quarter, even as revenue only matched projections. Healthy margin expansion — both gross and operating — allowed more money to flow to the bottom line. The trend should continue, as Comfort Systems is getting a higher proportion of revenue from maintenance, which is a more profitable part of its business.

Even more bullish is that shares still look cheap on a relative valuation basis. The forward P/E of 22 is 15% below its own five-year average. That P/E also is more than reasonable given the projected long-term growth rate of more than 40%.

As of this writing, Dan Burrows didn’t hold positions in any of the aforementioned securities.