This is a first-order ODE of degree two. Clear x2 to recognise it as a perfect square in p=dxdy, integrate the two resulting first-order ODEs, and read off the singular solution from the discriminant locus.
Integrate. Divide by y2 and recall y2xdy−ydx=−d(yx). Put u=yx, so x2−y2=yu2−1 (taking y>0):
−du=±u2−1dy⟹u2−1du=∓dy.
Integrating gives cosh−1u=∓y+const, i.e.
cosh−1(yx)=y+c⟺x=ycosh(y+c).
(The two signs collapse to one family on absorbing the sign into the arbitrary constant c.)
Singular solution. The discriminant of the quadratic in p is
B2−4AC=x44y4(x2−y2),
which vanishes on x2=y2. The lines y=x and y=−x satisfy the original equation (with y=±x, p=±1, the equation reduces to 0), so they are singular solutions.