Thank you both.

A few more details:
-he seemingly learned to read overnight; never really sounded words out
-he often skips words
-often inserts words (little words-but, the, and)
-sometimes skips entire lines
-for words he doesn't know, he seems to look at the first few letters and inserts a word he does know, automatically (he'll catch it when it doesn't make sense in context)
-CAN'T spell-he does best orally, but often times spell check can't correct his inventive spelling

I've been attributing the spelling entirely to dysgraphia. Should I be concerned about dyslexia at this point? Is there overlap between the two?

I don't want to go fishing for a problem if there's not one, but I also don't want to ignore something that needs to be addressed.