The stats in the article are not in line with what we know of our local area.
Those stats don’t seem right to me either, so I went to zillow and did a search for Beverly Hills. The article claims the median price for a home in BH is $2.2 million. The only way I can see that is if they incorrectly include all the rental rates and foreclosure opening auction prices as the asking price (and they will sell for more than twice those prices). Otherwise, you aren’t going to touch a home in BH for under $1.4M, and that would be a condo or townhouse.
I think the statistics are way off, on the low side.