Normal condensation — not a fault
Very commonWater is a major product of burning gasoline, alongside carbon dioxide. Once the exhaust system is hot that water leaves as invisible vapor, but on a cold start it hits cold pipe and condenses into visible steam. SAE research puts the exhaust water dew point for a gasoline engine running at stoichiometric mixture at roughly 53°C (about 127°F), which is why the effect disappears as soon as the system passes that temperature. Cold mornings and humid air make it dramatically more obvious, and it is more noticeable on short trips that never fully warm the exhaust.
How to spot it
Thin and wispy rather than dense, gone within roughly 30 to 60 seconds, no smell, and the coolant level never moves. Often there is water dripping from the tailpipe too.
The fix
Nothing. This is the exhaust system working correctly.