The fjord route - Short ver.

A favorite with the locals and for those who prefer cycling on asphalt.

Starting from the Hof, the cultural center, head south unto the bicycle route (close to the shore) which will lead into the fjord.
Continue on that route and go past from Hrafnagilsskóla, an elemantary school with a neighbourhood across from it, when you've passed the school you'll reach a crossroad. Take a left turn and head for the bridge across the river (Eyjafjarðará).
Please note that the bridge is a single lane bridge, so wait for the car opposite of you to across first. From the bridge you'll continue up the slope (Laugalandsbrekka) and continue until you've reached another crossroad, there you'll take a left turn on Eyjafjarðabraut 829 (Note that the speedlimit is 90km so be careful) and then follow it until you've reached another crossroad where you can obiously see a bridge and Akureyri on your left.
It's easy to see Hof from there, just follow the shore on your right.