maybe someone can lend some advice.

Background: I'm 28, married, and expecting my first child.

Our short(ish)-term financial goal is to continue saving for a home. 

I'm wondering if I should take some portion of the cash we've saved and purchase stocks, or possibly treasury bonds?

.. I'm pretty clueless when it comes to money.

UPDATE:

I'll be the only one working after the baby (assuming I continue in my present high(ish) paying job [not quite six figures]). We live in an a relatively expensive part of California, so an "entry-level" home for us will probably cost around $300,000. 

Finally, our only consumer debts are ~$6,000 remaining on my car.

It really sounds like my best bet for now is to save for a home, and then worry about investing after that. (I'm also contributing to a Roth 401(k), with about %40 invested in precious metals).