According to the Daily News:

“VAN NUYS – Home prices in the San Fernando Valley remained at record levels during November even as sales fell from last year’s strong pace, a Realtors group said Friday.

Last month, the median price for a previously owned home hit the $600,000 mark for the third time this year, jumping 21.2 percent, or $105,000, from a year ago and unchanged from October, said the Van Nuys-based Southland Regional Association of Realtors.”

Those who have owned their houses for more than five years now have seen their original investment double or even triple in value.

Is it possible that the homeowners will prevent developers from building new housing, either single or multi-family, knowing that low supply will keep prices high? No wonder we live in million dollar homes while only steps away people sleep on Sepulveda Boulevard and pick garbage out of containers.