The dynamics of resonant Rayleigh scattering (RRS) from excitons localized in a disorder potential with large monolayer islands is investigated theoretically and experimentally. Experimentally, the coherent RRS dynamics from GaAs single quantum wells (SQWs) is deduced by means of passively stabilized spectral interferometry. The new technique is discussed in detail. The results retrieved by spectral interferometry are complemented by data obtained by time-resolved and spectral speckle analysis. A strong dependence of the monolayer thickness of the SQW on the RRS spectra and the RRS dynamics is found. Changes in the well width corresponding to a fraction of one monolayer lead to drastic changes in the spectral and time-resolved RRS intensity...