If you're in the US, then the utility voltage will vary anywhere between 114 and 126 Volts - which is normal and the allowable US standard. Appliances with UL listings will operate between 110 and 127 volts with no damage. Also, utility voltage is RMS, meaning it's an average of sorts. The actual voltage at your outlets can be much higher - the peak to peak voltage can reach 170 volts. Your fluke meter is most likely not a true RMS meter and therefore not giving you an accurate measurment with respect to the average or RMS reading. You can call the utility and tell them you suspect high voltage and are concerned and let them make the call. If it was my house, I wouldn't worry.
high ac voltage destrucive or not?
After reading all the threads about ac voltage these past few months I pulled out my handy dandy fluke meter and meaured about 126 volts ac out of the wall and 128 out of my powervar. For all the electical gurus is this harmful to the electonics or part of the variables in ac delivery , thanks for any help. system consist of pass 350, sfl2 preamp and audiologic dac.