Is your baby speaking?

Just wondering if your little ones are speaking yet.

My son isn't at all. He makes lots of noises and will babble "mamamama" and "dadadada" but not always to the right person and nothing that sounds like speech. We read to him (what feels like) all day and point out things around the house. He understands over 120 words. If we ask something like "Where is the dragonfly?" he points to the right thing, but he just won't say anything.

Anyone else in the same boat? Any tips to encourage speaking?