It sure sounds like a thyroid issue, Steve, but we're not vets and barring any testing to indicate that it seems you need to consider other causes. Sometimes parasites can cause hair loss, or something like mange, although I think he'd be scratching if that were it. Even a food allergy can do things to the coat.
I say this having just been through three months of a skin issue with my puppy who we tested for everything you can think of, changed foods three times, and never did find a cause. We finally discovered it was a staph infection triggered by her immune system. So ask your vet to think outside the box. If all else fails, see if there's a canine dermatologist in your area who can look at your boy. Please let us know what happens and good luck!