This last answer is spot on. If, when it is warm outside, you switch on the aircon for few mins, turn it off, wait 2-3 mins and switch it back on, condensate will appear out the vents for a few seconds. Hot air contains more moisture than cold, so that is what you see.
Here in SA, it is often above 350 in summer and you can create clouds of condensation from the vents by doing what I described above. I have teased nervous passengers by telling them to get out the fire extinguisher when this white cloud appears!