Weather condition overlooked reportedly (4)
I believe the answer is:
mist
'weather condition' is the definition.
(I've seen this in another clue)
'overlooked reportedly' is the wordplay.
'overlooked' becomes 'missed' ('miss' can be a synonym of 'overlook').
'reportedly' shows a homophone (sound like).
'missed' is a homophone of 'MIST'.
(Other definitions for mist that I've seen before include "Fine spray" , "Slight fog" , "Haze" , "low-level cloud" , "Watery vapour" .)