Never too late. Folks will tell you that you're "supposed" to do it while the tree is actively growing, but I have setup airlayers late in the year last year (just before dormancy) and they finished in about 8 weeks, after dormancy, and continued to root during dormancy. I've also done them in spring - had to do several this year to produce trees for our community garden, this was right when things started leafing out, most finished in less than 5 weeks.